Solar energy is projected to play a significant role in China's energy sector, representing 38% of all electricity produced by 2050.
Projections indicate that this source will reach a 200 GW capacity, with more than a third of this capacity being combined with storage systems, mainly batteries.
This data was released in the recent report “Energy Transition Outlook“, from the consultancy DNV, which details China's future energy landscape.
Currently, the Solar energy is the third largest renewable source in the Chinese electricity sector, second only to hydroelectric plants and wind energy.
However, the consultancy predicts that By 2030, solar energy will surpass water sources in percentage terms, driven by its low cost and continued political support.
As a leader in renewable energy investments, China plans more than quintuple its clean energy installations by 2050. The country's energy mix will increase from the current 30% renewable energy to 55% by 2035 and 88% by 2050.
Whereas the China is responsible for a third of energy-related CO2 emissions, reducing these emissions is crucial.
By 2050, this share is expected to be reduced by a fifth, with a significant reduction of 70% in emissions, thanks to the replacement of coal with renewable energy. The country is the largest consumer of coal in the world, with more than 50% share.
Storage
According to DNV, the LCOE for photovoltaic energy is currently US$39/MWh, which is the lowest among all fuel options in the energy sector. For storage with solar, it's almost double, $75/MWh, although it is still more competitive than any fossil fuel-based option.
With technological learning in relation to the application of batteries, the expectation is that the investment cost will reduce even further. “By 2050, we hope LCOEs as low as USD 24/MWh and USD 44/MWh for solar PV and solar + storage, respectively.”
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