Goldman Sachs: China is expected to triple the country’s solar and wind capacity

In a new report, analysts at Goldman Sachs point out that in the period to 2030, China will have installed 3,300 gigawatts of solar and wind capacity.

Goldman Sachs estimates in a new analysis that solar and wind power facilities will explode in China in the coming years.

In the report, Goldman analysts Nikhil Bhandari and Amber Cai estimate, according to Bloomberg News, that China will have installed 3,300 gigawatts of solar and wind power by 2030.

This is close to doubling the current target for 2030 by 1,200 GW. By the end of 2022, China will have an installed capacity of solar and wind power of 758 GW.

According to Goldman analysts, 3,300 gigawatts of capacity in 2030, where production varies with good reason depending on wind and weather, would require about 520 gigawatts of energy storage.

It requires large investments

Of this, it is estimated that 410 GW should come from batteries and the remainder from pumped hydroelectric storage.

Compared to the level at the end of 2021, there will be 70 times more battery capacity by the end of 2030.

Analysts predict that China will also need about $8 trillion for the energy transition in the form of investment through 2040 in order to upgrade new capacity, storage and grid.

Lower costs

But the total bill is expected to fall again from 2030 as dependence on fossil fuels decreases. By 2060, China’s energy imports are expected to drop to just 92 million tons of coal equivalent from 1.14 billion tons in 2021.

Goldman’s estimates are not much different from those of other financial circles, Bloomberg writes. Analysts at Bloomberg New Energy Finance have estimated, among other things, that by 2030 China will have an installed wind power capacity of 3,345 gigawatts and a solar power capacity of 392 gigawatts.

Source: Bloomberg