China’s aim is that 38% of its electricity will come from solar power by 2050, up from 5% at the moment, with more than one-third of the nation’s solar capacity having storage by the middle of the century. The figure includes 3.9 TW of solar and 1.6 TW of solar and storage. Maintaining governmental backing and solar energy’s low cost will be the primary forces behind expansion.

Solar energy will continue to lead the development of renewable energy sources annually; up to 2039, more than 100 GW of new PV is anticipated annually. Solar-plus-storage systems will probably take over as the preferred technology until the 2040s, with an estimated 110 GW being installed annually. It anticipates that 34% of China’s solar energy will be used for storage purposes by 2050, primarily battery use.

According to the sources, the levelized cost of electricity (LCOE) for solar power is currently about $39/MWh, but at $75/MWh, solar and storage have an almost twice as high LCOE. Low investment and technical advancements will allow the LCOE to drop to as low as $24/MWh for solar and $44/MWh for solar and storage by 2050.

It is anticipated that as solar power continues to increase, fossil fuel generation will decline as well, from 66% in 2050 to 7%. Wind and other non-fossil energy sources will make up nearly 55% of the energy mix.

DNV CEO and group president Remi Eriksen praised China’s noteworthy advancements in clean technology development and decarbonization. He added, “However, there is potential for China to push further its transition to reduce its reliance on fossil fuels further and faster and to bring China closer to net-zero emissions by 2050.”

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