China surpasses clean energy target six years early: China has exceeded its clean energy goals with wind and solar reaching 1.2 TW in July, surpassing the target set by Chinese President Xi Jinping nearly six years ahead of schedule, Bloomberg reported on Friday, citing a statement from the National Energy Administration. Xi initially set the goal in December 2020, aiming for 1.2 TW by 2030. Despite the growth in clean energy, solar and wind energy only generated 14% of the country’s total electricity.

REMEMBER- China’s clean energy is pushing coal power out: China — the world's largest builder of coal-fired power stations — cut the number of permits for new coal plants by nearly 80% in the first half of 2024. The reduction coincides with China’s combined wind and solar capacity surpassing coal capacity for the first time, reaching 11.8 TW compared to coal's 11.7 TW.

ALSO- China’s wind power expansion helps Goldwind’s profits jump: Top Chinese wind turbine manufacturer Goldwind Science & Technology reported an 11% y-o-y rise in net income in 1H 2024 to c. CNY 1.39 bn yuan (USD 195 mn) on the back of China’s rapid renewables expansion, Bloomberg wrote, citing an earnings statement (pdf) released on Friday. The growth in net income comes as China added 26 GW of wind power in the first half of the year, marking 12.4% y-o-y increase.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Tesla’s Berlin factory is increasing deforestation: Some 500k of trees were cleared for the development of Tesla’s gigafactory near Berlin, satellite images showed. The factory’s construction, which began in March 2020, has cleared 329 hectares of forest, yet was approved to expand production to 1 mn vehicles annually. (The Guardian)
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