Phoenix TV:

Data from the International Energy Agency shows that in 2023, China's newly installed renewable energy capacity exceeded the total of other regions worldwide, making it the largest contributor to the development of the global renewable energy industry. How has this been achieved? Additionally, what positive impact do you believe the energy transition will have on global green and low-carbon development? Thank you.

Zhang Jianhua:

Thank you for your questions. I'll address them. China resolutely follows the philosophy of green development in recent years, thoroughly transforming its growth model. By the end of 2023, China's installed capacity for renewable energy generation accounted for about 40% of the global total. Over the past decade, China's annual additions consistently comprised more than 40% of the global total, exceeding half in 2023. This has continually provided an impetus for global green development. The rapid growth of China's renewable energy sector can be attributed to three main factors:

First, continuous technological advancement. China has promoted initiatives like PV leader bases and large-scale new energy bases. These projects have promoted the demonstration and application of new technologies and accelerated the iteration and upgrade of technologies and products. Innovations have flourished in technologies such as PV high-efficiency crystalline silicon cells and perovskite cells. New world records for conversion efficiency have been repeatedly set, with mass-produced advanced crystalline silicon PV cells now exceeding 25% efficiency. Wind power technologies like long blades and high towers are globally leading, with offshore wind turbines reaching a maximum unit capacity of 18 megawatts.

Second, a complete industrial and supply chain. After years of development, China has built a relatively complete industrial and supply chain for new energy sources such as wind and PV. At the same time, China has actively integrated into the global clean energy industrial chain, sharing high-quality clean energy products worldwide. Chinese wind and PV technologies and products are exported to many countries and regions, supporting countries, especially developing ones, to access clean, reliable, and affordable energy.

Third, a favorable market environment. Amid rapid changes in the energy landscape both domestically and abroad, the Chinese government has dynamically improved policies and measures on the price of on-grid electricity generated from renewable energy sources, for promoting the absorption of electricity generated from new energy sources into power grids, and market allocation. These measures have fully leveraged the advantages of China's vast market to promote the healthy development of new energy. China has fostered an equal, open and inclusive market environment for new energy. This approach has attracted participation from various sectors of society in new energy development, fully unleashing the innovation vitality of the market. For example, China's PV industry now boasts over 100 listed companies.

As the world shifts toward green energy, China is accelerating its own renewable energy development while actively sharing high-quality and affordable clean energy products globally. This has effectively driven down costs for wind and PV development worldwide, providing tangible green power for the world's energy transition. It has created new opportunities for deepening international cooperation in clean energy and contributed China's strength to the global energy transition. Thank you.