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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind - Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles of...

  • Member since 2021
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  • Jul 26, 2021 3:45 pm GMT
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The Energy Transition is gathering pace in China. The rapid build-out of China's renewable energy capacity comes as the country targets reaching peak carbon dioxide emissions in 2030 and then carbon-neutrality in 2060

 

KEYINSIGHTS

  1. China had increased utility-scale offshore wind electricity generation capacity to 11.13 (UK  10.4GW) at the end of 2020.
  2. This is in addition to the 280.8GW of onshore wind power generation capacity that China today operates  world’s largest).
  3. Led by CNOOC, State-owned oil companies are also making headway in their pursuit of offshore wind power development.
  4. CNOOC is investing in 1.0 GW project, they are very cautious and would only enter OSW if return justify
  5. Market and technology are mature enough for government to end subsidies by year end, development this year is at frenzied pace.

 

BOTTOMLINE

The country has been offering subsidies to renewable energy projects since 2011. As the cost for renewable energy projects is coming down, China is trying to phase out its national supporting policies for renewable energy before 2030, when all the projects powered by renewable energy are expected to achieve grid price parity with other energy feedstocks

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