Boomberg: China is lagging behind its annual solar plans The country will have to rush to install new solar panels to meet its annual targets, Boomberg said.
China has installed approximately 29.3 gigawatts of solar power in the first 10 months of 2021, with a forecast of 55 to 65 gigawatts, the National Energy Administration said. Growth has slowed due to higher costs: prices for solar panels rose for the first time in eight years. This has caused delays in the implementation of projects, despite the pledge of the PRC leader Xi Jinping by 2060 to achieve carbon neutrality, which is necessary to save the planet. “Some projects did not start on time and may be delayed until next year due to high equipment costs and low margins,” said Lin Wang, an analyst at Bloomberg based in Beijing.
Chinese renewable energy developers typically increase their installations at the end of the year to meet their targets and meet the deadlines for subsidized projects. According to the China Electricity Council, 22.3 gigawatts of capacity were installed in the country in December 2020, which is almost half of the total for the year. But this may not be the case this year: most solar power plants are no longer subsidized by the government.
The cost of solar modules in 2021 increased by about 28 percent due to a sharp increase in the price of polysilicon, from which they are made … At the same time, market participants expect that in 2022 prices for solar equipment will decrease, and the number of installed capacities in the world will increase from 150 gigawatts in 2021 to 220 gigawatts in 2022.
According to scientists, the fight against the global warming largely depends on the increase in renewable energy capacity, in particular, the installation of more solar panels and wind turbines. The world needs to generate 2,000 gigawatts more wind power to avoid a climate catastrophe.