China aiming to triple its rate of wind capacity additions
Insights — July 2022
China is aiming to triple its rate of wind capacity additions under its latest five-year plan
In June, China released its 14th Five-Year Renewable Energy Development Plan which includes some significant targets for increasing renewable electricity generation capacity using wind.
China’s provinces have announced targets to add 283 gigawatts of new wind capacity in respect of the plan, accelerating the growth rate to roughly three times that of the prior five-year plan’s target.
China’s track record on building wind capacity has been excellent. At the end of 2021, China had installed around 328 gigawatts of capacity, which was a greater than threefold increase since 2014 (when China had roughly 90 gigawatts of installed capacity). Today, China is the world leader in wind generation accounting for over 40% of global capacity.
China’s latest targets appear reasonable on the basis of its track record, favourable project economics and what appears to be a high level of local government support for permitting processes.