China is on track to break solar power installation records
China, the world’s largest producer of carbon emissions is currently on track to install the highest amount of solar PV facilities in history this year.
According to the International Energy Agency (IEA), China is the global leader in the expansion of the renewables market and progress within the nation will have a major influence on the rate of global development of the renewables industry.
Initial forecasts this year placed solar capacity in China at around 30 gigawatts for the year. However, after exceeding this figure in July, new predictions suggest solar capacity will exceed 50 GW. This additional amount of capacity is the equivalent of all solar energy created in Japan throughout the whole of 2017.
Industry experts in China suggest that many solar developers were quick to expand solar projects before they had been allocated subsidies. Solar development was promoted by the Chinese government in an attempt to ease poverty and lack of energy supplies available across the country.
The development of the solar market has really benefited domestic solar producers such as Jinko Solar and Trina Solar. During the first nine months of 2017, China installed over 43 gigawatts of solar energy, exceeding the 34 gigawatts installed throughout 2016.
China has been the solar market leader for nearly five years now. In the last few years, China exceeded the solar capacity in Germany to become the leader for installed solar PV capacity.
Forecasts for 2018 have now been increased by CCB International Securities Ltd. from 40 GW to exceed 55 GW in 2018.
The future of the solar industry in China is looking promising with new policies being introduced to support solar sales and the expansion of power distribution across the nation. Over half of the energy capacity in China is now provided by renewables or nuclear power. The International Energy Agency (IEA) believes that by 2040, renewables will account for over 40% of the total power generation. The IEA expects energy generation associated with coal will fall from current figures of 67% to approximately 40% within this period.
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