China has achieved its 2030 target of 1.2 TW cumulative installed solar PV and wind capacity
At the end of July 2024, the combined capacity of these 2 technologies stood at 1.21 TW
New PV additions in July 2024 totaled 21 GW after installing 23 GW in the previous month
China, the world’s largest solar PV market, has officially achieved its 1.2 TW combined wind and solar PV power generation capacity target for 2030, 6 years ahead of schedule. Of the cumulative 1.21 TW achieved at the end of July 2024, solar PV capacity accounted for 740 GW with wind energy accounting for the remaining 470 GW.
The cumulative capacity of both these technologies at the end of July 2024 represents a year-over-year (YoY) increase of 49.8% for PV and 19.8% for wind energy.
The July 2024 new solar PV additions contributed 21.05 GW to the cumulative numbers, after the country exceeded the 100 GW mark in H1 2024 (see China Exceeds 100 GW Solar Installations Mark In H1/2024).
The 123.53 GW new PV installations between January and July 2024 represent a year-over-year increase of 26.37 GW, as per the NEA.
Under its Nationally Determined Contribution (NDC) filed with the United Nations Framework Convention on Climate Change in 2021, China had targeted to achieve 1.2 TW combined wind and solar capacity by 2030. Back then, its cumulative PV capacity was 204 GW and wind 210 GW (see China NDC For 1.2 TW Wind & Solar By 2030).
The rapid installation of renewable energy in the country prompted the World Bank to call for China to increase its 2030 wind and solar PV target from 1.2 TW to 1.7 TW (see China Must Target 120 GW/Year Wind+Solar Till 2030).