Chinese wind power equipment makers advanced as the industry proposed an aggressive installation plan that would boost capacity 14-fold through 2060 to help the country reach its goal of being carbon-neutral by then.
China’s biggest wind turbine maker, Xinjiang Goldwind Science & Technology Co., surged 22% in Hong Kong in the biggest increase since August 2014 to make it the best performer in the MSCI China Index. Shandong Shuangyi Technology Co. rallied 20% to a record high in Shenzhen and Titan Wind Energy Suzhou Co. rose 10%.
More than 400 wind firms signed a declaration at a conference in Beijing asking the nation to add more than 50 gigawatts of annual wind capacity during the five years through 2025, industry publication bjx.com reported. That would rise to at least 60 gigawatts a year beyond 2025, with total installations reaching at least 800 gigawatts by 2030 and 3,000 by 2060.
China installed 26 gigawatts in 2019, giving it a total of 210 by the end of that year, the most in the world, according to data from National Energy Administration. The 2060 target would be nearly triple the size of China’s coal fleet in 2019, at 1,059 gigawatts.
The proposal calls for higher installations than most analysts expect. “Although the outlook looks promising in the long term, we think it hard to achieve such an aggressive target” through 2025 as installation costs are still a near-term hurdle, Daiwa Capital Markets Hong Kong Ltd. analysts including Dennis Ip said in a note Wednesday.
Solar power is expected to make up the majority of 100 gigawatts of annual additions through 2025, Nelson Lee, a Hong Kong-based analyst from ICBC International Research Ltd., said in a note.