- Feb 26, 2021 5:17 pm GMTFeb 26, 2021 12:37 pm GMT
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Carbon neutral goal: China to pass UK as top offshore wind farm installer
China, which installed the most offshore wind capacity for a third year in a row of over 3 gigawatts last year, is expected to surpass Britain as the global leader this year as its coal-dominated electricity industry seeks to decarbonise, according to the Global Wind Energy Council.
China’s growth in offshore wind installations will primarily be driven by developers’ rush to complete projects before Beijing withdraws its tariff subsidy programme at the end of the year. These subsidies have been removed from onshore wind as the economies of scale have been reached to ensure these projects can be deployed and generate adequate ROI. These same subsidies will be removed from offshore wind by the end of 2021 for the same reason.
The question is does this represent a threat to supply or costs for the rest of the global renewable energy market? Where wind blows green hydrogen is sure to follow. It will be interesting to see how China approaches the emerging hydrogen economy?
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