China’s innovation drives global drop in renewable energy costs

According to senior energy officials, China’s advancements have led to a 60 per cent drop in global wind power costs and an 80 per cent decline in solar photovoltaic prices over the past decade. These reductions have made renewable power more accessible worldwide, positioning China as a driving force behind the international green transformation. This is reported by China Daily, a partner of TV BRICS.

Wang Hongzhi, head of the National Energy Administration, said China has built the world’s largest and fastest-growing renewable energy system, now accounting for almost half of the global installed capacity for wind and solar power.

Over the last ten years, China has partnered with more than 100 countries and regions on renewable projects, helping reduce global carbon dioxide emissions by an estimated 2.65 billion tonnes in the past year alone. This cooperation has strengthened worldwide access to clean, low-cost energy and boosted progress toward climate targets.

Experts highlight that China’s dominance in the production of solar modules, battery cells, and key energy system components has created economies of scale, enabling faster and more cost-effective deployment of renewable technologies. The nation’s renewable energy now constitutes about 60 per cent of its total power generation capacity.

Beijing plans to deepen institutional reforms and support new business models such as advanced energy storage and virtual power plants, aiming to enhance synergy between market efficiency and effective governance.

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