Will China's dominance of the solar panel supply chain slow the transition?

Simply sign up to the Renewable energy myFT Digest -- delivered directly to your inbox. The International Energy Agency has warned that China’s dominance of the solar panel supply chain could slow the global transition to cleaner energy.

Does China have more solar power than other countries?

Climate and energy news. China installed a larger amount of new solar capacity in 2023 than the total amount ever installed in any other nation, contributing to its already dominant position in the global renewable energy landscape, reports Bloomberg.

How much solar power does China have in 2023?

China added almost twice as much utility-scale solar and wind power capacity in 2023 than in any other year. By the first quarter of 2024, China’s total utility-scale solar and wind capacity reached 758 GW, though data from China Electricity Council put the total capacity, including distributed solar, at 1,120 GW .

Will the world rely on China for solar panels?

“The world will almost completely rely on China for the supply of key building blocks for solar panel production through 2025,” the agency said in the report. “This level of concentration in any global supply chain would represent a considerable vulnerability.”

Can solar power outpace China's energy demand?

Solar, wind, nuclear, and hydro capacity is now at a level where it can meet and eventually outpace growth in energy demand in China, according to Lauri Myllyvirta, lead analyst for CREA. If the tempo of deployments is sustained China’s emissions will fall next year, and potentially “enter into a structural decline,” he said.

Will China Export more solar panels this year?

Forecasts show China's solar build this year will be heavily outpaced by growth in its photovoltaic (PV) module manufacturing capacity, raising the prospect the country will export more solar panels despite a trade backlash in Europe and the U.S.