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of total capacity of offshore wind power
projects under construction. 5 Encouragingly,
these goals have been achieved and even
exceeded. Besides, China officially issued
the 14th Five-Year Plan for Renewable Energy
Development (14th Five-Year Plan) on 1 June
2022, applicable from 2021 to 2025, which
set the following targets: (i) 50% increase in
renewable energy generation (from 2.21 trillion kWh in 2020 to 3.3 trillion kWh by 2025),
(ii) 50% of China’s incremental electricity and
energy consumption shall come from renewables over the 14th Five-Year Plan period;
and (iii) 33% of total electricity consumptions shall come from renewable energy
sources by 2025 (up from 28.8% in 2020). 6
According to the abovementioned 14th
Five-Year Plan, along with the phasing out
of government subsidies, the wind power
sector has transitioned from policy-driven
to market-driven. Pursuant to the Special
Administrative Measures (Negative List) for
Foreign Investment Market Access (2021
Version) (Nationwide Negative List) and the
Special Administrative Measures (Negative
List) for Foreign Investment Market Access
in Pilot Free Trade Zones (2021 Version) (FTZ
Negative List) jointly released by the National Development and Reform Commission
(NDRC) and the Ministry of Commerce
(MOFCOM) on 27 December 2021 and
China
effective on 1 January 2022, together with
the Encouraged Foreign Investment Industry Catalogue (2022 Version) (Encouraged
Catalogue), 100% foreign ownership of wind
power projects is permitted, and investment
in the renewable energy sector, including
wind power, is encouraged.7
1.2 Expectations of future developments
in the market until 2030 and beyond8
The China Renewable Energy Outlook 2020,
released by the Energy Reform Institute of
Academy of Macroeconomic Research of
the NDRC (ERI) in April 2021, sets out China’s
intermediate and long-term renewable
energy goals based on two scenarios shown
in the following table:
(a) Stated Policies Scenario and
(b) Below 2°C Scenario. The Stated Policies
Scenario assumes the full implementation of the applicable governmental
policies for the energy sector as stated
by the 13th Five-Year Plan and the 19th
National Congress of the Communist
Party of China. The Below 2°C Scenario
pursues the more demanding emissions
reduction goals enshrined in the Paris
Agreement.
5 "The 13th Five-Year Plan for Wind Power Development", published by National Energy Administration on 16 November 2016 (http://www.nea.gov.
cn/135867633_14804706797341n.pdf).
6 The "14th Five-Year" renewable energy development plan, jointly published by National Development and Reform Commission, National Energy Administration, Ministry of Finance, Ministry of Natural Resources and five other authorities on 1 June 2022 (https://www.ndrc.gov.cn/xwdt/tzgg/202206/
P020220602315650388122.pdf).
7 "Encouraged Foreign Investment Industry Catalogue (2022 Version)", jointly released by the NDRC and the MOFCOM on 26 October 2022 and effective
on 1 January 2023 (http://www.gov.cn/zhengce/zhengceku/2022-10/28/5722417/files/cc050615b11b40fc8f2d55fd1daf3c57.pdf).
8 The information in this section is primarily quoted from China Renewable Energy Outlook 2019 and 2020, published by NDRC Energy Research Institute
of Academy of Macroeconomic Research (https://ens.dk/sites/ens.dk/files/Globalcooperation/Official_docs/China/creo_2019-en-final-full_report.
pdf; https://ens.dk/sites/ens.dk/files/Globalcooperation/creo2020_summary.pdf).
