China is likely to install nearly three times more wind turbines and solar panels by 2030 than it’s current target, helping drive the world’s biggest fuel importer toward energy self-sufficiency, according to Goldman Sachs, reports Bloomberg.
Falling costs will make around-the-clock clean power increasingly profitable, leading to the rapid deployment of renewables and batteries, analysts including Nikhil Bhandari and Amber Cai said in a report on Monday. Solar and wind capacity will reach 3,300 gigawatts by 2030, well ahead of the government’s target of 1,200 gigawatts.
Such a vast fleet of intermittent generation will require about 520 gigawatts of energy storage, around 410 gigawatts of which would come from batteries and the rest from pumped hydro facilities, according to the analysts. That means battery storage capacity would be 70 times higher than the level seen at the end of 2021.
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