China approves 29 GW offshore wind project in Shanghai: China’s government has greenlit Shanghai's plan to install 29 GW of offshore wind capacity to help the city cut emissions and meet Beijing's climate targets, Bloomberg reports, citing Chinese newspaper Xinmin Evening News. The project is expected to supply about 100 bn kWh of clean electricity annually — over half of Shanghai's yearly power consumption — upon its completion. The city will also receive green power from Inner Mongolia through a state-backed grid.

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Stocks in offshore wind companies are going up: Major offshore wind manufacturers Ming Yang Smart Energy Group and Goldwind Science and Technology saw stock increases of 2.3% and 1.6% respectively following the announcement, Bloomberg writes.

Offshore wind capacity is set to triple by 2030: China’s offshore wind capacity is expected to hit 129 GW by 2030, reaching triple the current capacity. Domestic price wars have reduced equipment costs, boosting demand for clean energy. Last month, offshore wind power prices in Shanghai dropped below coal-generated electricity prices.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Xpeng + Volkswagen partner on EVs: China's Xpeng and Germany's Volkswagen are expanding their collaboration to develop advanced electrical and electronic solutions for EVs in China. The partnership will focus on integrating these solutions into vehicles produced under the VW brand, utilizing Volkswagen’s China Main Platform and Modular Electric Drive Matrix. (Bloomberg)
  • The solar storage industry will reach USD 197 bn by 2032: The global solar energy storage market is projected to surge to over USD 197.1 bn by 2032, driven by technological advancements, policy support, and the increasing need for reliable energy storage solutions. Innovations in battery tech, particularly lithium-ion batteries, have significantly improved efficiency and capacity, while government incentives and declining costs are making solar energy more accessible. (Global Market Insight)
  • Portugal is targeting 93% renewables share: Portugal aims to increase its renewable energy share in electricity consumption to 93% by 2030 in its new energy and climate plan draft. To reach this goal, Portugal's renewable energy capacity will have to double to 42.9 GW. The plan, set for public consultation, also reduces the 2030 target for green hydrogen electrolyzer capacity by 45%. (Reuters)
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