Chinese clean energy investments continued to outstrip the US and Europe’s combined spend in 2022, pushing total solar deployment in Asia’s largest economy close to 400 gigawatts (GW). China has already surpassed that milestone in the new year, with the first two months of 2023’s buildout of solar capacity running at a much faster clip than in the same period a year ago. China is keen to leverage its geographic features, like deserts and lakes, to improve renewable power generation domestically, and continues to look toward Africa to expand development abroad.
Related ETF: Invesco Solar ETF (TAN)
Per Scientific American, China spent $546 billion in on clean energy investments that included solar and wind energy, electric vehicles and batteries in 2022. That is nearly four times the amount of US investments, which totaled $141 billion. The European Union spent $180 billion in clean energy investments over the same period. The world’s leading solar power generator brought 87.41 gigawatts (GW) of new solar power into operation in 2022, official data showed, driving the total installed capacity to 392.61 GW.
China added more than 51 GW was from small-scale solar power last year. About 40% of its total solar capacity now comes from rooftops and backyards. Bloomberg reports that roughly one of every five panels solar installed worldwide in 2022 was fixed atop a Chinese home or business.
In the initial 2 months of this year, Taiyang News notes that 20.37 GW of installed solar capacity has been added in China, representing an increase of more than 87% over 10.86 GW deployed in the same period a year ago. According to…
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