China hit its ambitious renewable energy goals only four years after setting targets and six years ahead of schedule, Oil Price reported on February 1.

China remains the biggest polluter in the world and largest emitter of GHGs, but it has emerged as the global green energy champion after Beijing threw itself into building out its renewable energy generating capacity. Moreover, as reported by bne IntelliNews, despite its high level of emissions, it remains well within its carbon budget of allowable emissions under the terms of the 2015 Paris Agreement on climate change.

In addition to swelling investment into renewable energy production, China is also rolling out an ambitious nuclear energy generation plan and is currently in the process of building some 40 new nuclear power plants (NPP) that could see it overtake both the US and France in terms of nuclear power generating capacity. It even claims to have built the world’s first commercially viable fusion reactor.

In 2024, China installed a record 357 GW of wind and solar power, significantly boosting its renewable capacity. The surge meant that China exceeded its target of 1,200 GW of combined wind and solar capacity by 2030, already hitting its self-imposed target in 2024. China reportedly has now already reached and passed peak emissions and as it is such a big contributor to emissions, it could also mean that it may be that peak global emissions  have also been passed in 2024, say scientists.

China's fossil-fuelled power output may fall in 2025 for first time in decade, The Economic Times of India reported on February 2. China's power sector makes up some 60% of its emissions. The official plan is for carbon emissions to peak before 2030 and to fall to a net zero before 2060. 

Beijing has shown that it is fully committed to investment in renewable energy and climate security. The nation continues to lead in the production of renewable energy equipment, driving down global costs for renewables.

The economics of renewables has changed as a result of China’s heavy investment in green tech, driving down the cost of solar panels to the point that renewable energy generating capacity is now the cheapest form of new installed generating capacity that has led to Emerging Markets across the globe choosing to build green power capacity over other forms of energy generation.

By contrast, the US, the world’s second largest emitter of GHGs, has already spent more than twice its carbon budget allotment under the Paris Agreement and intends to increase its output of oil and gas. Among the executive orders signed by the newly installed US President Donald Trump on his first pay in office was a decision to withdraw from the Paris Accords for a second time. And his “drill, baby, drill” policies will see the US dramatically increase its output of climate-killing hydrocarbons. The United Nations’ Intergovernmental Panel on Climate Change (IPCC) has recommended that no new oil and gas deposits be developed if there is to be any hope of remaining within the 1.5C increase in temperatures over the long-term pre-industrial average temperatures.

Scientists concur that that target has already been missed and the world is on track to see a catastrophic for a 2.7C -3.1C rise in temperatures by 2100. As bne IntelliNews reported, only eleven developed countries have reduced emissions and none of those are anywhere close to hitting their Paris accord obligations

Despite China’s rapid progress in its green transition, significant problems remain, as Beijing remains heavily dependent on coal-fired power stations to fuel its rapid economic growth. Coal still provides nearly 60% of China's electricity due to economic and energy security needs. The balance between green and traditional energy sources still remains at the emitting end of the spread.

Nevertheless, China's sheer size and share of the global economy means its rapid progress in switching to renewable power is a boon for the whole world and not just China alone. China now has the largest economy in the world in PPP (purchase power parity) adjusted terms, according to the World Bank, and along with India, another country making rapid progress in rolling out renewable generating capacity, is on track to become the largest economy in the world in nominal terms too by 2070.