Nation's carbon goals a boon for energy firms
China's commitment to energy transition and progress in building a new power supply system, as well as its increasingly supportive innovation environment, are creating a promising ecosystem for foreign firms to bring their cutting-edge technology to the market, said a senior executive of the United States energy company GE Vernova.
"With its vast population and status as an innovation hub, and large energy consumption, China plays a significant role in the world's energy transition process," said Ramesh Singaram, president and CEO of gas power in Asia, GE Vernova.
"China, with a large renewable installed base and strong renewable manufacturing capability, has been one of the most important markets for GE Vernova and an integral part of our global supply chain," Singaram said.
"GE Vernova is committed to supporting a low-carbon transition through our long-term investment, technological innovation and talent nurturing in this remarkable market."
China has been intensifying efforts in its energy transition in recent years, making significant strides in advancing renewable energy technologies. The country commissioned last year as much solar power as the entire world did in 2022, with its wind additions up by 66 percent year-on-year, according to the International Energy Agency.
As the world's renewables powerhouse, China's role is critical in reaching the global goal of tripling renewables as the country is expected to install more than half of the new capacity required globally by 2030, it said.
An analyst said China's supportive policies and strong demand for advanced energy solutions make it an attractive choice for foreign energy companies, leading to growing foreign investment in renewable and low-carbon technologies in the years to come.
"As China progresses with its dual carbon goals, it creates a substantial market for foreign firms in green technology," said Wang Lining, director of the oil market department under the economics and technology research institute of China National Petroleum Corp.
Singaram said green hydrogen is an environmentally friendly fuel that can replace natural gas and improve China's energy security by reducing carbon emissions.
"We believe that gas power generation can serve as a vital support for the construction of the new electricity system with its dependability, efficiency and flexibility, supporting grid stability and tremendous renewable power installation and connection to the grid," he said.
"We look forward to collaborating with Chinese partners and making active contributions to the revolution in China's energy production and consumption, ensuring national energy security."
The U.S. company signed a cooperation agreement with Heilongjiang province-based Harbin Electric Corp last month to provide two heavy-duty gas turbines for CHN Energy Investment Group's Anji power plant in Zhejiang province. Expected to be operational in 2026, the project, with an installed capacity of more than 1.6 gigawatts, will support the continued expansion of renewable energy deployment in Zhejiang, it said.