China's new energy storage sector developing rapidly

Updated:2024-01-26 12:27Source:National Energy Administration

Energy Transition: Officials: China's new energy storage sector developing rapidly, installed capacity exceeds 30 million kilowatts

China's renewable energy storage sector is developing rapidly, with installed capacity in operation exceeding 30 million kilowatts of power by the end of 2023. That's the key message from the National Energy Administration in Beijing on Thursday. Officials said the newly added installed capacity topped 22 million kilowatts in 2023, up more than 260 percent compared to the end of 2022. 

The government says the addition of new energy storage installed capacity has promoted investments worth more than 100 billion yuan, or 14 billion U.S. dollars, since the 14th Five-Year Plan. Officials also introduced the International Day of Clean Energy, which falls on January 26. It was declared by the UN General Assembly to raise awareness and mobilize action for a just and inclusive transition to clean energy for the benefit of people and the planet.

PAN HUIMIN Deputy Director General, Dept. of International Cooperation National Energy Administration "According to the latest data, the world's newly installed renewable energy capacity hit 510 million kilowatts in 2023 and China has contributed more than 50 percent. Overseas clean energy investments by Chinese firms are spread across major countries and regions, covering major fields such as wind power, photovoltaic power generation, and hydropower."

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