With the aim to accelerate the deployment of renewable energy to mitigate climate change, the Chinese government has extended its cooperation with the International Renewable Energy Agency (IRENA).
The agreement between IRENA and Chinese Ministry of Ecology and Environment will enhance cooperation on the energy transition between the two to ensure China moves closer to its 2030 carbon emissions reductions and 2060 carbo-neutrality targets. China has pledged to peak emissions before 2030 and achieve carbon neutrality before 2060.
As part of the MoU, the two have agreed to:
Explore ways and make suggestions to promote the implementation of the country’s climate actions.
Exchange knowledge, international experiences and experience on renewable energy development, market trends and policy development
Strengthen co-operation on the promotion of climate finance and investment
Promote technology innovation
IRENA is expected to learn best practices for renewable energy market deployment from China. In 2020, China deployed the most capacity compared to any other country, accounting for a 40% share of the global market with 85GW added to the country’s energy mix. Today, China accounts for close to a third of globally installed renewables capacity owing to low power costs, mature supply chains and good quality renewable resources places.
IRENA estimates that renewables have the potential of supplying over 90% of China’s electricity needs by 2050 with more than 60% coming from solar and wind.
Francesco La Camera, director-general of IRENA, said: “China is a close partner in accelerating a renewable-based energy transition nationally and around the world.
“Taking into account the fundamental role renewable energy plays in achieving the Paris Agreement goals, this MoU will strengthen our collaboration on China’s efforts to achieve its decarbonisation objectives. By closely working together, we can also enhance international co-operation to the benefit of other countries undergoing a transition. By combining our forces, IRENA and MEE will work towards promoting sustainable development in the context of the energy transition.”