China's tech cutting cost of renewables

China has played a pivotal role in driving down global renewable energy costs through its technological advancements and expansive manufacturing capabilities, a top energy official said on Friday, as the nation showcased its dominant position in the world's green transition.

China, as the world's largest renewable energy producer, has helped reduce the average cost of electricity for global wind power projects by 60 percent and solar photovoltaic projects by 80 percent over the past decade, said Wang Hongzhi, head of the National Energy Administration.

Over the past decade, China has cooperated with more than 100 countries and regions on green energy projects, he said during the International Forum on Energy Transition held in Suzhou, Jiangsu province on Friday.

Wind and solar photovoltaic products produced in China alone reduced global carbon dioxide emissions by approximately 2.65 billion metric tons in the past year, making a significant contribution to the global green and low-carbon transition, he said.

Clean energy is becoming more affordable and spreading faster worldwide.

The International Renewable Energy Agency has said previously that China's immense expansion in renewable energy capacity is the reason clean energy is now affordable worldwide.

China holds a central position in the global clean energy supply chain, specifically for solar PV modules, battery cells, and balance-of-system components, which has led to economies of scale, resulting in lower costs and faster worldwide deployment, it said.

According to Wang, China's combined installed capacity for wind and solar power now represents nearly half of the global total, with new renewable energy installations accounting for 60 percent of worldwide additions.

This surge has elevated the share of renewable energy in China's total power generation capacity to approximately 60 percent, he said.

"China has built the world's largest and fastest-growing renewable energy system, becoming a leader and source of innovation in energy technology," Wang added.

Yi Yuechun, deputy head of the China Renewable Energy Engineering Institute, said China's comprehensive R&D and manufacturing system for wind and solar provides high-quality and efficient products and solutions for both domestic and international markets.

China is injecting new momentum into global green and low-carbon development by undertaking extensive and high-level international energy cooperation, actively implementing the Belt and Road Initiative, and profoundly participating in global energy governance, he said.

Beijing will further intensify institutional reforms and support the innovative development of new business models like advanced energy storage and virtual power plants, Wang said.

These measures will further foster efficient synergy between an effective market and a capable government, he added.