Analyst group Bloomberg New Energy Finance (BNEF) is predicting China could spend between USD$164bn and $192bn on energy storage between now and 2030. The figures are from a study released this week that considers four possible future energy scenarios for the Asian giant. BNEF’s favoured scenario, dubbed the ‘New Normal’, would see energy storage investments topping $166bn.
Under all four scenarios, the analyst group foresees a significant shift to non-carbon energy sources, with the greatest level of uncertainty being in the point to which the country will come to rely on intermittent power technologies such as solar PV and wind.
“Looking at the four scenarios for China’s power sector it is hard to underestimate the significance of this ‘revolution’ and the challenges and opportunities it creates for various stakeholders in China,” says BNEF.