A photovoltaic (PV) power station on a barren mountain in Xianju county, East China's Zhejiang Province, delivers green energy on January 8, 2023. Xianju county has invested more into exploring the solar power industry in recent years to help boost local incomes and provide more jobs to rural workers. Photo: IC

China's investment in new energy sector hit 9.2 trillion yuan ($1.36 trillion) in 2022, of which 37 percent of investment flowed to wind power and solar panels, the latest report from Chinese consultant firm CINNO Research said. 

According to the report, wind and photovoltaic power, energy storage and lithium batteries will continue to be the three leading pillars of the new energy investment in 2021. About 3.4 trillion yuan of new investment will flow to the wind and photovoltaic power sector.

Investment to power storage is estimated to reach 2.7 trillion yuan, accounting for 29.3 percent. Lithium batteries are expected to receive 2.2 trillion yuan of investment, making up 23.6 percent. And the investment flow to hydrogen energy exploration will likely exceed 680 billion yuan accounting for 7.4 percent, said the report. 

CINNO Research said that China's demand for energy will keeping going up, as the country's industrial chain continues to develop and mature. China's carbon emissions reduction goals have been a key driver in securing market investment in new energies. 

CINNO Research forecast that the current development of new energy sector will maintain high growth rates over the next three to five years, making it an important driver of China's economic growth.

Global Times