BEIJING – Some Western countries accuse China of “overcapacity” in its new energy sector. However, facts and figures prove such a narrative groundless and false.
China’s burgeoning new energy sector stands as a beacon of technological prowess and a pivotal force in the global push for sustainable development. Contrary to prevailing notions of overcapacity, the critical deficit lies in the dearth of new energy infrastructure worldwide.
On a global scale, the shortfall in new energy capacity looms large. Projections from the International Energy Agency indicate a staggering demand surge, with new energy vehicle sales anticipated to soar to 45 million by 2030, a fourfold increase from 2022 levels. Last year’s G20 Leaders’ Declaration underscored the urgency, calling for a tripling of renewable energy capacity by 2030.
China’s new energy vehicle sector bears testament to this burgeoning demand, with both production and sales witnessing sustained and robust growth in recent years. In the first quarter, profits within China’s automotive manufacturing sector surged by an impressive 32 percent year-on-year. Such performance underscores the dynamism of the nation’s electric vehicle segment.