China will continue increasing the deployment of renewable power in 2023 on strong demand, lower raw-material costs and a low-base effect for wind power, Fitch Ratings forecasts.
The country's large state-owned power generation companies remain committed to the national energy transition strategy and are the largest investors in renewable power, said Fitch Ratings, adding that the companies' active bidding bodes well for new installations in 2023.
China has set a goal of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060.
In 2022, a total of 446 wind power projects with a capacity of 87 GW completed equipment bidding in 2022, compared with around 60 GW in 2021, Fitch Ratings cited data from wind power information provider Windmango.
The new installed capacity of wind and solar power makes up for 78 percent of the newly installed capacity in China last year, according to the National Energy Administration.