Chinese government to monitor renewable energy targets

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China will begin monitoring how well the provinces are sticking to central government clean energy targets, Bloomberg reports, citing a statement from the National Development and Reform Commission.

The country has increased its renewable energy production target for this year to 28.2% of the total, 10.8% from non-hydro sources. This would increase by a modest 0.7 percentage points from 2019.

Last month, China announced that renewable energy production increased steadily in the first quarter of the year, with capacity up 8.4% from the first quarter of 2019 to 802 million kW. . Electricity production from renewable sources, the National Energy Administration said, reached 392.34 billion kWh, up 3.84 million kWh from the previous year.

Today, the National Development and Reform Commission has set individual targets for each province in China, except Tibet, which already produces most of the electricity it needs from renewable sources.

Interestingly, Beijing plans to increase solar and wind capacity this year, after cutting subsidies for these two renewable energy flows last year. Beijing said earlier this year that it would only approve new solar and wind power installations if their developers could prove that the energy they produce is as cheap as that produced in coal-fired power plants.

Plans to add some 85.1 GW of solar and wind capacity this year suggest that the costs of solar and wind projects have dropped enough to compete with coal-fired plants. Of this total, solar energy will represent 48.45 GW and wind, 35.1 GW.

Meanwhile, Chinese solar companies are grappling with falling prices for their products and services as the pandemic delays and cancels projects around the world. According to Bloomberg, this could lead to a consolidation of the sector and a new solar boom once the crisis is over, stimulated by low prices.

By Irina Slav for Oilprice.com

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