On August 26th, KPMG China released the World Energy Statistics Yearbook 2024. The Yearbook shows that in 2023, 346 GW (1 GW = 1 billion watts) of new solar capacity will be installed globally, with China accounting for about a quarter of the new capacity; and a record high of more than 115 GW of new wind capacity will be added to the grid. The Almanac also notes that energy sustainability, affordability and security of supply constitute the three energy dilemmas. total international trade in oil, natural gas and coal in 2023 was 53% higher than in 2000. in 2023, North America, Europe and the Asia-Pacific region together accounted for 78% of the world's total energy consumption. In addition, global oil production reached a record level of more than 96 million barrels per day (bpd) in 2023, with the United States remaining the largest oil producer, producing more than 8 percent of the oil. In the nuclear energy sector, China continues to maintain its leadership position in adding new nuclear power projects. Since 2000, construction of new nuclear power projects in China has been approximately 60% complete. in late 2023, China's onshore modular small nuclear reactor (SMR) demonstration project, which utilizes the latest Generation IV reactor technology with inherent safety systems, became the first of its kind in the world to begin commercial operation. Cai Zhongquan, Director, Asia Pacific and China Energy and Natural Resources Industry Managing Partner of KPMG China, said that China has actively promoted energy restructuring, not only made significant progress in technological innovation, but also through the large-scale construction and application of these technologies, the actual deployment of which to enhance the efficiency of the energy transition.The global installed size of grid-scale battery energy storage systems (BESS) in 2023 is 55.7 gigawatts (GW), of which nearly 50% of the installed capacity is located in China. In addition, nearly 70% of the metals and materials critical to lithium battery manufacturing are produced in the Asia-Pacific region, in which China occupies an important position, with refined cobalt production and consumption ranking among the world's top, and the lithium battery industry's consumption of cobalt accounting for nearly 87% of the total, which demonstrates China's strong strength in the lithium battery industry and provides a solid resource base for the development of the country's new energy industry. According to the Yearbook, copper production has grown at an average rate of just under 2% over the past decade (down 1.6% in 2023), but production of other mineral resources critical to the global energy system continues to grow at around 4% per annum. In addition, metal and mineral prices have fallen back across the board from their 2022 highs, but prices for lithium carbonate and copper are up around 400% and 140%, respectively, compared to their pre-epidemic levels in 2019. As renewable energy continues to develop and increase its share, the energy mix is gradually shifting towards cleaner and lower carbon. Jiang Liqin, partner in charge of client and business development at KPMG China, said that renewable energy continues to expand rapidly in 2023, hitting a record high, and China's new renewable energy generation capacity exceeds that of the rest of the world combined, which also shows China's determination and implementation of green and low-carbon transformation in the energy sector.

Source: Sodium Core

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