China

From an energy legislation perspective, China’s first energy law “P.R.C Energy Law” was approved in November 2024. It clarifies the prioritized position of development and utilization of renewable energy, and optimizes supporting mechanism for renewable electricity consumption. 

From demand side, a number of policies have been issued to stimulate green energy utilization, including PV.  

• In May 2024, the State Council released “2024-2025 Action Plan for Energy Conservation and Carbon Reduction”. It requires the  acceleration of the construction of solar and wind mega base and promotes distributed energy to intensify efforts on non-fossil energy development. 

• In July 2024, “Work Plan on Accelerating the Establishment of a Carbon Emission Dual Control System” was released, and the Plan requires to establish a new mechanism for the comprehensive transition from dual control of energy consumption to dual control of carbon emissions. 

• Also, in July 2024, <Basic Rules of Mid-Long Term Electricity Trading – Green Electricity Trading Chapter> was published, aiming to accelerate the establishment of a market system and an enduring mechanism to promote the production and consumption of green energy. 

From supply side, policies are formulated to regulate PV product manufacturing. 

• In November 2024, MIIT (Ministry of Industry and Information Technology of the People’s Republic of China) issued “Photovoltaic Manufacturing Industry Specifications (2024 edition)”. The requirements are mainly set out in seven aspects: production layout and project establishment, process technology, comprehensive utilization of resources and energy consumption, smart manufacturing and green manufacturing, and environmental protection, among others. 

Meanwhile, with the rapid development of PV industry, and guided by < Action Plan for Carbon Peak by 2030 >, ESG related topics have also drawn attention. 

• On March 7, 2024, China issued the “Action Plan for Promoting Large-Scale Equipment Renewal and Consumer Goods Trade-Ins”, proposing initiatives for recycling and circular utilization. On August 21, the “Implementation Plan for Large-Scale Equipment Renewal in Key Energy Sectors” was released, outlining plans to achieve equipment renewal and technological upgrades in power transmission and distribution, wind power, PV, and hydropower. The plan emphasizes advancing the renewal and recycling of PV equipment, while promoting the development of technologies for the recycling, processing, and reusing of PV modules. 

• In May 2024, the “Implementation Plan for Establishing Carbon Footprint Management System” was issued, requiring the initial establishment of a carbon footprint management system by 2027 and ongoing system optimization by 2030, and emphasizes the importance of international integration. 

TOPCon 

• In November 2024, Trina set a new record for N-type bifacial i-TOPCon cell efficiency at 26.58%, which leads to a module efficiency of 24.8%. 

• LECO/LIF technology has become the standard configuration for TOPCon production, while laser SE has been gradually replaced, leading to improved efficiency 

Back Contact Cell 

• In May 2024, LONGi continued to set records, achieving a cell efficiency of 27.3%, and module efficiency of 25.4%, exceeding the 24.9% IBC module efficiency set by Maxeon in January 2024 (see Photo 1: LONGi Back Contact Cell) 

• Multiple manufacturers launched Back Contact product in 2024. 

Tandem 

• In June 2024, LONGi once again refreshed the world record for crystalline silicon-perovskite tandem cells, with an efficiency of 34.6%, breaking the world record previously created by LONGi itself. 

Perovskite 

• Perovskite solar cell efficiency has made breakthroughs in both commercial and laboratory products. Utmolight produces its first commercial module (2.8m2, 16%). The first 1MW pilot perovskite power plant is commissioned in November 2023. 

Application scenario development 

In September 2024, China launched its first wave-resistant floating PV platform into the sea. Covering an area of 1.6 km2, the platform was indigenously developed by HuaNeng Group, a major Chinese SOE. The platform will conduct field monitoring and experiments at sea for up to 1 year to provide data on floating PV technology in marine environments. 

Demand Side 

• In 2024, China’s total electricity consumption reached 9.85 Trillion kWh, with a year-on-year increase of 6.8%. 

• In terms of renewable power installation, by the end of 2024, the cumulative renewable installed power capacity in China reached approximately 1 889 GWac, with a year-on-year increase of 25%. Of this, the PV installed capacity was about 885.68 GWac, a year-on-year increase of 45.2%. Notably, in July 2024, China achieved its commitment to reach a total installed capacity of 1200 GWac for wind and solar power by 2030, 6.5-year ahead of schedule. 

• For PV installation in power mix, by 2024, PV cumulative installation comprised 27% of the total installation, while it was 21% in 2023. The share of PV continuously increased.

• In 2024 alone, China PV added 277.57 GWac (approximately 309 GWdc 1）, hitting another record high, and amongst which:  

• Utility-scale installations were 159.39 GWac（approximately 191 GWdc）, accounting for 57% of the total incremental installation, with a year-on-year increase of 33%, thanks to the development of the Mega project programme. 

• The C&I sector installed 88.63 GWac（approximately 89 GWdc）, accounting for 32%, with a year-on-year increase of 68%, due to the rapidly growing demand for electricity, particularly green electricity, in export-oriented enterprises in coastal provinces. 

• The residential sector installed 29.55 GWac (approximately  30 GWdc, accounting for 11%, with a  year-on-year decrease of 32%. 

• With the increased PV penetration ratio, more synergies with other industries are required for a more sustainable development of the Chinese PV industry, such a PV + ES, PV + green hydrogen and its derivatives, as well as PV + Electric Vehicles etc. 

Supply Side 

• According to CPIA (China Photovoltaic Industry Association), in 2024, the total polysilicon output reached 1.82 million-ton, Wafer output reached 753 GW, Cell 654 GW, and module 588 GW, all segments achieved more than 10% year-on-year increase. 

2024 is another record year for the Chinese PV industry. In 2024 alone, China added 277.57GW_ac, of PV installations, hitting another historical high. Thanks to the pledges from the central government, favorable policies covering the entire PV ecosystem, and continued efforts to enhance the product efficiency, the Chinese PV industry is increasingly becoming full-fledged, paving the way for the global energy transition.