Rapid cost decrease of renewables and storage accelerates the decarbonization of China’s power system

Rapid cost decrease of renewables and storage accelerates the decarbonization of China’s power system

TitleRapid cost decrease of renewables and storage accelerates the decarbonization of China’s power system
Publication TypeJournal Article
Year of Publication2020
AuthorsGang He, Jiang Lin, Froylan Sifuentes, Xu Liu, Nikit Abhyankar, Amol A Phadke
JournalNature Communications
Volume11
Issue1
Date PublishedJan-12-2020
KeywordsBTJRC, electricity, modeling
Abstract

The costs for solar photovoltaics, wind, and battery storage have dropped markedly since 2010, however, many recent studies and reports around the world have not adequately captured such dramatic decrease. Those costs are projected to decline further in the near future, bringing new prospects for the widespread penetration of renewables and extensive power-sector decarbonization that previous policy discussions did not fully consider. Here we show if cost trends for renewables continue, 62% of China’s electricity could come from nonfossil sources by 2030 at a cost that is 11% lower than achieved through a business-as-usual approach. Further, China’s power sector could cut half of its 2015 carbon emissions at a cost about 6% lower compared to business-as-usual conditions.

DOI10.1038/s41467-020-16184-x
Short TitleNat Commun