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The annual report recently released by theInternational Energy Agency shows that the global solar photovoltaic installedcapacity is expected to reach 375 gigawatts in 2023, with a year-on-yearincrease of 31.8% in total installed capacity. From the perspective of variouscountries and regions, the new installed capacity of solar photovoltaics inChina in 2023 is equivalent to the global new installed capacity of solarphotovoltaics in the previous year. Dimitrios, the head of the energydepartment at the World Bank, believes that developing the solar photovoltaicindustry is crucial for addressing climate change and promoting energytransformation.
The advantages of the photovoltaic industryare becoming more prominent.
Atthe 28th Conference of the Parties to the United Nations Framework Conventionon Climate Change (COP28) held last year, the development of solar energy wasone of the key discussions among all parties. The agreement reached in COP28for the first time mentions the cost reduction and technological innovation ofsolar, wind, and energy storage technologies, affirming that their developmentwill help achieve the goal of addressing climate change, and calling oncountries to transition towards the goal of moving away from fossil fuels intheir energy systems in a fair, orderly, and equitable manner.
In recent years, the global photovoltaicindustry has accelerated its development. According to relevant statistics,from 2019 to 2023, the average annual growth rate of global photovoltaicinstalled capacity reached 28%. According to consulting firm Wood McKenzie,solar energy has become the most cost-effective energy source in mostcountries. In 2023, the global installed capacity of photovoltaic power generationhas exceeded that of hydropower. In the next 10 years, the photovoltaicindustry will continue to maintain a high growth rate.
The CEO of the Global Solar Council statedthat solar energy is currently the fastest growing and most cost-effective renewableenergy source, and that solar photovoltaic technology is the most importantenergy transformation technology to double the total installed capacity ofrenewable energy worldwide by 2030. A recent report released by the Universityof Exeter in the UK suggests that solar energy will become the most competitiveenergy source in the coming years. According to predictions, by 2044,photovoltaic power generation will account for more than half of the globalelectricity generation.
According to reports from institutions suchas the International Energy Agency, there are still 675 million peopleworldwide who do not have access to electricity, of which about 80% areconcentrated in sub Saharan Africa. Former Vice Chairman of the United NationsIntergovernmental Panel on Climate Change, Munasinger, stated that sustainabledevelopment is an important challenge facing human society. The continuousinnovation and advantages of solar photovoltaic technology provide a choice fordeveloping countries to seek sustainable economic development, energytransformation, and environmental protection.
Countries actively promote the applicationof technology
In recent years, many countries around theworld have introduced various policy measures to accelerate the pace of energytransformation and actively develop the solar photovoltaic industry.
Middle Eastern countries have abundantsolar energy resources. The United Arab Emirates proposes to achieve carbonneutrality by 2050. In November 2023, the Al Dafra PV2 photovoltaic power plantproject in the United Arab Emirates was connected to the grid for powergeneration. The power station can meet the electricity needs of 200000households and reduce carbon emissions by 2.4 million tons annually, increasingthe proportion of clean energy in the UAE's energy structure to over 13%. SaudiArabia has proposed in its "2030 Vision" to achieve a photovoltaicinstalled capacity of 40 gigawatts by 2030, and will invest 380 billion riyals(1 riyal equivalent to 1.91 RMB) in renewable energy projects. Qatar hasproposed that the proportion of solar power generation will reach 20% by 2030.In November 2022, Qatar's first photovoltaic power station, the Al Qasa PowerStation, was officially put into operation, which can meet 10% of Qatar's peakelectricity demand. David Ramos, head of HSBC's Middle East SustainableDevelopment Department, stated that Middle Eastern countries have broadprospects for developing renewable energy represented by solar energy.
The 2023 Outlook Report released by theAfrican Solar Industry Association last year showed that the photovoltaicindustry in Africa is accelerating its development. South Africa, Morocco,Egypt and other countries are in a leading position in photovoltaic constructionprojects. For example, Egypt proposed in its Comprehensive Sustainable EnergyStrategy for 2035 that the installed capacity of renewable energy generationwill reach 61 gigawatts by 2035, of which the installed capacity ofphotovoltaic power generation will reach 43 gigawatts. At the same time, morecountries in Cape Verde, Botswana, Eritrea and other regions are increasingtheir investment in photovoltaic industry and starting to build and operatelarge-scale photovoltaic projects.
In recent years, the EU's photovoltaicindustry has also achieved rapid growth. According to a report released by theEuropean Photovoltaic Industry Association, the EU's newly installedphotovoltaic capacity is expected to reach 56 gigawatts in 2023, maintaining anannual growth rate of over 40% for the third consecutive year; It is expectedthat the total installed capacity of photovoltaic power generation is expectedto double before 2026, reaching the expected 484 gigawatts.
The report from the University of Exetersuggests that the rapid development of the global photovoltaic industry ismainly due to two factors. On the one hand, relevant countries havesuccessively introduced policy measures to support the photovoltaic industry,and on the other hand, the prices of photovoltaic modules have significantlydecreased. From 2010 to 2022, the average weighted cost of global solar powergeneration decreased by 89% to $0.049/kWh, almost one-third lower than thecheapest fossil fuels.
A recent special article published on theWorld Bank website stated that by 2030, photovoltaic microgrids can provideuninterrupted electricity to 380 million people. However, the current globalinvestment in power grid infrastructure is still seriously insufficient.Relevant countries need to formulate appropriate policy measures, promoteinclusive finance, and encourage private investment. The internationalcommunity needs to increase efforts to support developing countries in buildingenergy infrastructure and promoting energy structure transformation.
China Helps Global Green Development
The Francisco Pizarro solar power plant,located in the Estremadura Autonomous Region of Spain, was put into operationin 2022 and is one of the largest operational photovoltaic power plants inEurope. All the solar panels used in the power plant are from China; In GarissaCounty, Kenya, the Garissa photovoltaic power station constructed by Chinesecompanies has effectively solved the local electricity shortage problem andcontinues to provide clean electricity to the local people.
In recent years, Bank of China hasparticipated in the Eldavra PV2 photovoltaic power plant project in the UnitedArab Emirates and the 300 megawatt photovoltaic project in Sarkaka, SaudiArabia, and successfully issued 500 million dollars of green bonds with thetheme of "the Belt and Road" last year. Pan Xinyuan, President ofBank of China Dubai Branch, stated that as the world's largest producer ofphotovoltaic modules, China has a leading advantage in photovoltaic projectconstruction. Chinese banks, as a bridge connecting production capacity anddemand, can play a positive role in promoting global energy transformation.
The Director of the International EnergyAgency stated that China has made remarkable achievements in the development ofclean energy and electric vehicle industries such as solar and wind energy, andis "the champion in the field of clean energy.". The Minister ofIndustry and Advanced Technology of the United Arab Emirates and Chairman ofCOP28 stated that China's continued leadership in clean energy technology is animportant factor in helping to achieve global energy transformation, addressclimate change, and promote development.
In an interview with reporters, the VicePresident of the Economic and Technological Research Institute of the GlobalEnergy Internet Development Cooperation Organization said that China haspromoted the development of renewable energy to the height of ensuring nationalenergy security and strengthening the construction of ecological civilization,so as to achieve leapfrog development in a short time. It is precisely becauseChina has vigorously developed renewable energy that the global cost of solarpower generation has decreased by nearly 90% in recent years, and the cost ofwind power has decreased by 80%.
The Deputy Minister of Electricity andRenewable Energy of Egypt said that the Chinese plan is of great significancefor global energy transformation and climate governance, providing feasiblesolutions for African and Arab countries to promote energy transformation,promote economic development, and improve the ecological environment. The VicePresident of the "the Belt and Road" International Alliance for GreenDevelopment and the former Deputy Secretary General of the United Nations saidthat China has made great contributions to the development of global renewableenergy, and has also brought innovative driving forces to the economicdevelopment and green low-carbon transformation of developing countries.
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