China is set to be the first country to install 100 gigawatts of solar power in a year, according to a report by PV Mag, which said the achievement stemmed from decades of research and development, plus strong government support over the past 20 years when the capacity of the country’s photovoltaic industry expanded dramatically from Suntech Power – the first private Chinese company to list on the New York Stock Exchange in 2005 – to a “golden age of solar” when companies such as Longi, Trina Solar, Canadian Solar and Jinko Solar emerged.
Regional authorities and state entities drove a range of initiatives that generated domestic demand with policies that backed household solar and grid consumption of clean power, the report said, noting that solar manufacturers – many of them private firms able to respond quickly to market changes – worked hard to drive down production costs with new approaches and technology, and adapt to duties imposed in Europe and the US, as well as changes in national policy, while the government was determined to replace power generated by fossil fuels with renewable energy.
Read the full report: PV Mag.
NOTE: Details in the photo caption on this report were amended on May 23, 2023.
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