Solar stocks rise as President Xi pledges 1.2 TW of renewables capacity in 2030
The Chinese leader has revealed some details of his nation’s commitment to go carbon neutral by 2060. That solar and wind power promise could even prove to be a conservative estimate, according to the nation's solar industry.
With Chinese president Xi Jinping having revealed more details about his nation's net zero pledge on Saturday, trade body the China Photovoltaic Industry Association (CPIA) has estimated the country could add 70-90 GW of new solar annually up to 2025, under the terms of its next five-year plan.
China's 14th strategy document for the economy is expected to be published in March and, if it lives up to the CPIA's expectations, could see the nation install even more solar and wind generation capacity than the 1.2 TW promised by President Xi by 2030.
Speaking at the UN Climate Ambition Summit on Saturday, the Chinese leader said his nation would draw a quarter of its primary energy consumption from “non fossil”-fuel sources by 2030. Over the same decade, said Xi, China would “reduce its carbon dioxide emission per unit of GDP by more than 65% compared to [the] level of 2005.” The country would also plant 6 billion cubic meters of forest carbon sinks during the period, the president added.
The latest announcement follows Xi's pledge, made to the UN General Assembly in September, to make China carbon neutral by 2060.
This news sourced from pv-tech.org
