Bloomberg New Energy Finance study highlights dominant role of clean energy in booming Chinese market.
That is the conclusion of a major new report from Bloomberg New Energy Finance that predicts renewables, including large-scale hydroelectric projects, will contribute more than half of new capacity through to 2030 as the country's total power generation more than doubles.
The report predicts that under the most likely scenario for the country's energy sector, dubbed the "New Normal", more than 1,500GW of energy capacity will be added through to 2030 driven by investment totaling $3.9tr. Annually, 88GW of new capacity will be added each year - equivalent to the total generating capacity of the UK.
Renewables are expected to continue to dominate the market, accompanied by an increased reliance on natural gas, meaning that emissions from the sector are expected to peak in 2027 as coal's share of the energy mix falls from 67 per cent in 2012 to 44 per cent in 2030.