China to make huge investment in solar power
China plans to add 619 gigawatts (GW) of solar power generating capacity by 2030, according to data from analysts Wood Mackenzie.
Its report into solar power capacity in Asia-Pacific predicts it will triple to 1.5 terawatts (TW) in the next 10 years. If the plans come to fruition, it will mean China will contribute over 60% of Asia-Pacific’s solar capacity by 2030.
India will add the second largest amount of solar during the same period, followed by Japan, South Korea, Vietnam and Australia. Japan is predicted to add 63GW capacity of solar power in 10 years while South Korea will add 58GW in the same period.
John Yeap, an analyst at law firm Pinsent Masons, said: “It is not surprising that the largest economies in the region will be driving the largest capacity growths. As all responsible nations look to decarbonise and meet their Paris commitments, the ambition is to be welcomed.
“The scale of the ambition is of course quite significant which in turn suggests some of the known impediments in some of these jurisdictions, ranging from operational issues such as grid curtailment to regulatory issues such as the robustness and finance ability of the sector, will need to be addressed in tandem with such growth ambitions.”
He added: “There is probably limited doubt that whilst we await the effective commercialisation of new scaleable low or no carbon energy production sources, solutions involving thorium or hydrogen perhaps, solar will continue to be a vital and indispensable part of the energy transition agenda for many of the nations in this region.”