Is energy storage a 'new driving force' for China's Economic Development?

Total investment in building energy storage projects has exceeded 100 billion yuan since 2021, making the sector a “new driving force” for China’s economic development, said Bian Guangqi, an NEA official.

What is China's new energy storage project?

Built by Lijin County Jinhui New Energy Co, the project is part of an explosion in development of energy storage in China, which has called for even more investment in the sector to boost renewable electricity and ease grid bottlenecks.

Is energy storage a new driving force for economic growth?

The sector is becoming a “new driving force” for economic growth, attracting over 100 billion yuan (about $13.9 billion) in investment since 2021, and driving further expansion of upstream and downstream industrial chains. This success prompted the government to raise its energy storage target by a third, to 40 GW, by 2025.

How has China's energy storage sector benefited from new technologies?

China’s energy storage sector nearly quadrupled its capacity from new technologies such as lithium-ion batteries over the past year, after attracting more than 100 billion yuan (US$13.9 billion) in direct investment over the past couple of years.

How China is accelerating Advanced Energy Solutions deployments?

The country has become a global force in the acceleration of advanced energy solutions deployments. Here, we showcase the particular strides China is making in energy storage and clean hydrogen. China has been the leading force in accelerating advanced energy solutions deployments like energy storage and clean hydrogen.

How big is China's energy storage capacity?

The country has already surpassed this initial goal, two years ahead of schedule. According to China’s National Energy Administration, the country’s overall capacity in the new-type energy storage sector reached 31.4 GW by the end of 2023. It increased capacity year-on-year by more than 260%, and almost 10 times since 2020.