Benefiting from the transformation of energy mix in the context of carbon neutrality, the installed capacity of renewable energy will accelerate growth. This year, several countries and regions have announced plans to achieve carbon neutrality by 2050, including China's announcement to achieve carbon neutrality by 2060. In the context of carbon neutrality, the International Energy Agency expects renewable energy demand for electricity to grow by 2/3 from 2020 to 2030, accounting for about 80% of the global electricity demand increase. According to Li Chuangjun, director of the Department of New and Renewable Energy of the National Energy Administration, by the end of the 14th Five-Year Plan, the proportion of installed renewable energy power generation will increase from 43.5% in October 2021 to more than 50%.
Photovoltaic and wind power are the leading new energy sources, and their installed capacity and power generation will be significantly increased in the total. Installed capacity: According to the Energy Bureau, as of October 2021, the installed capacity of domestic wind power is 299GW, and the installed capacity of photovoltaic power generation is 282GW, both continue to maintain the world's first, wind power and photovoltaic installed capacity in renewable energy accounted for 30% and 28% respectively. According to the Global Energy Interconnection Cooperation Organization, it is expected that by 2030, China's installed wind power will account for 21% of the total installed capacity and PV will account for 27% of the total installed capacity, accounting for nearly 50% of the total. 2050 China's installed wind power will account for 29% of the total installed capacity and PV will account for 46% of the total installed capacity, accounting for 80% of the total. In terms of electricity generation, it is expected that the proportion of wind power generation will increase from 6% in 2020 to 18% in 2030, and the proportion of photovoltaic power generation will increase from 4% in 2020 to 11% in 2030, with a combined proportion of 30% in 2030.