Fitch: 2030 development goals, only China can achieve!

Time: June 14, 2022

By 2030, the global renewable energy capacity will more than double, but almost all top markets will fail to achieve the development and installation target, except China.

That's the latest conclusion from consulting firm Fitch Solutions. Unless leading countries expand stockpiles and strengthen policy support, the company warned.

Fitch expects non-hydro renewable solar energy generation to more than double from 3,686TWh in 2021 to 7,661TWh in 2031, with installed capacity more than doubling to 2.1TW over the same period.

Among them, national government policies and commitments play an important role and are regarded as the core driving force of growth, in addition, the expansion of the international green hydrogen market will also play a supporting role.

However, these growth expectations are insufficient to meet the global economy's net-zero target, nor achieve the necessary decarbonization goals.

Fitch expects that only mainland China can achieve the target of 1.2TW installed renewable energy capacity by 2030, while other top markets such as the United States, the European Union and India cannot achieve such goals.

Fitch pointed to headwinds from a "volatile political environment" in the U.S., arguing that the U.S. will be "far short" of its 2035 goal of a fully clean electricity mix. Renewable energy tenders across Europe are also facing challenges, especially when it comes to permitting renewable energy projects.

Meanwhile, India will struggle with "displaced" policies, with Fitch noting that tariffs on solar panels would make imports more expensive.

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