China's Largest Energy Source? Not Coal or Oil, but Solar Power

[Financial News] In China, solar power has overtaken coal to become the largest energy source in terms of installed power capacity.
China Central Television (CCTV) reported on the 1st that China's solar power installed capacity reached 1,286 GW at the end of July, accounting for 31.5% of the country's total installed power capacity. It added that this marks "a new milestone in China's green energy boom."
From January through July this year, China's solar power generation rose 15.5% from a year earlier to 802.4 billion kWh. That is equivalent to about one-eighth of China's total electricity output.
Over the next five years, China's solar investment is expected to exceed 2 trillion yuan, or about 408 trillion won.
The rapid growth of solar power comes as the pace of renewable energy expansion has slowed sharply after the Chinese government scrapped a system that guaranteed returns for wind and solar projects. China plays a dominant role in the global solar supply chain.
New solar capacity additions reached 93 GW in May last year alone, just before the new renewable energy policy took effect. This year, however, additions came to only 86 GW through July.


[email protected] Lee Seok-woo, International Affairs Reporter