ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -China has identified wind power as a key growth component of the country’s economy. Experts say that China can achieve carbon neutrality before 2060 and peak emissions before 2030. In 2021, China was responsible for almost 70% of new wind installed capacity while United States accounted at 14% and Brazil at 7%.

Detailed explanation-2: -The country has been the world’s largest market for onshore wind since 2011 and is the largest for offshore wind as of 2021.

Detailed explanation-3: -China built more offshore wind turbines in 2021 than every other country did in the past five years. It installed 55.8 GW worth of turbines in 2021, beating its own 2020 record of 52 GW-a 19.4% increase. China now has 344 GW worth of wind turbine electrical generation.

Detailed explanation-4: -In 2021, China exported 44, 000 wind turbines, up 6.99% year-on-year, with an export value of US$1.437 billion, up 29.56% year-on-year. From January to October 2022, China exported 66, 400 wind turbines, up 89.06% year-on-year, with an export value of US$894 million, down 30.91% year-on-year.