China is leading the way in lowering the cost of renewables, known as the levelised cost of electricity (LCOE), which reached an all-time low in the Asia Pacific (APAC) region in 2023, according to Wood Mackenzie report.

This decline makes renewable energy increasingly competitive with conventional low-cost coal power, driven by a significant reduction in capital costs for renewable power.

Renewable energy costs were 13 percent cheaper than conventional coal last year and are expected to be 32 percent cheaper by 2030. 

China is leading the way in lowering the cost of renewables, with utility PV, onshore wind, and offshore wind being 40-70 percent cheaper compared to other Asia Pacific markets.

The world’s second largest economy will maintain a 50 percent cost advantage for renewables until 2050, allowing it to maintain its lead in renewables deployments.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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