Solar stocks rise as President Xi pledges 1.2 TW of renewables capacity in 2030
With Chinese president Xi Jinping having revealed more details about his nation’s net zero pledge on Saturday, trade body the China Photovoltaic Industry Association (CPIA) has estimated the country could add 70-90 GW of new solar annually up to 2025, under the terms of its next five-year plan.
China’s 14th strategy document for the economy is expected to be published in March and, if it lives up to the CPIA’s expectations, could see the nation install even more solar and wind generation capacity than the 1.2 TW promised by President Xi by 2030.
Speaking at the UN Climate Ambition Summit on Saturday, the Chinese leader said his nation would draw a quarter of its primary energy consumption from “non fossil”-fuel sources by 2030. Over the same decade, said Xi, China would “reduce its carbon dioxide emission per unit of GDP by more than 65% compared to [the] level of 2005.” The country would also plant 6 billion cubic meters of forest carbon sinks during the period, the president added.
The latest announcement follows Xi’s pledge, made to the UN General Assembly in September, to make China carbon neutral by 2060.
China’s ability to hit its five-year-plan targets is borne out by the current strategy document, which foresaw 110 GW of solar by the end of this year. In fact, the world’s biggest solar market has long since passed that landmark and could boast 240 GW of solar capacity by the end of the month.
Chinese solar stocks rose today on the back of the president’s announcement.
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