China's Electric Power Industry: State and Development Prospects in the Context of Carbon Neutral Industry

Abstract

China has set a goal of achieving peak carbon emissions by 2030 and carbon neutrality by 2060. Increasing the electricity utilization factor is the key to achieving this goal. The article considers the development of China's electric power industry in recent years and compares the installed electrical capacity, electricity production and consumption, investments in the electric power industry, and analyzes the characteristics and potential of China's renewable energy sources, including hydraulic, wind and solar energy. Increasing the electricity production from renewable energy sources, promoting the substitution of conventional fossil energy sources such as oil with electricity, increasing the share of electricity in the total energy consumption, and strengthening international cooperation in the field of electricity generation from renewable energy sources are important measures to reduce carbon dioxide emissions and solve the climate change problem. The promotion of environmentally clean transport facilities such as electric vehicles and electric bicycles, combination of renewable energy sources with energy storages, and prioritizing the construction of demonstration projects in remote industrial and rural areas are measures that will help to gradually increase the utilization factor of renewable energy sources in China.