China’s gigantic overproduction of solar technology.

on April 5, 2024

    U.S. Treasury Secretary Yellen rebukes China’s product glut.
    Electric cars, batteries, solar modules: China has built up massive overcapacities in several key industries and is now flooding the world market. The U.S. Treasury Secretary sharply criticizes this.

    In China’s solar sector, overcapacity is even greater than in the automotive sector.

    There, overproduction pushed market prices down by 42 percent last year. But large Chinese manufacturers continue to build factories, supported by government subsidies.

    At the end of 2023, China had a capacity of 861 gigawatts of solar panels per year, more than double the total global installed capacity of 390 gigawatts. According to energy research firm Wood Mackenzie, another 500 to 600 gigawatts per year are expected to be connected to the grid this year – enough to meet all global demand by 2032.

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    SOURCE

    https://www.spiegel.de/wirtschaft/soziales/china-janet-yellen-rueffelt-produktschwemme-a-0dd9a320-2390-4b96-9412-12c521e40ef9?sara_ref=re-so-app-sh

    Solar array on parking area rooftop in Broward County, FL. Original public domain image from Flickr

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