Plummeting Renewable Energy, Battery Prices Mean China Could Hit 62% Clean Power And Cut Costs 11% By 2030

  • Date: 10-Aug-2020
  • Source: Forbes
  • Sector:Oil & Gas
  • Country:GCC
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Plummeting Renewable Energy, Battery Prices Mean China Could Hit 62% Clean Power And Cut Costs 11% By 2030

China is the world's largest greenhouse gas emitter, and is building the most power plants of any country in the world, making its decarbonization paramount to preventing dangerous climate change. But the costs of wind, solar, and energy storage have fallen so fast that building clean power is now cheaper than building fossil fuels – a lot cheaper.

New research shows plummeting clean energy prices mean China could reliably run its grids on at least 62% non-fossil electricity generation by 2030, while cutting costs 11% compared to a business-as-usual approach. Once again, it's cheaper to save the climate than destroy it.

HUAI AN, CHINA - JUNE 11: Workers install solar panels at the construction site of 40MW ... [+] photovoltaic on-grid power project of China Huaneng Group on June 11,