NANJING, Oct. 17 (Xinhua) -- China has become a key driver for green energy development and a major leader powering technology progress in the area, said a report from China Economic Information Service.
In 2018, China topped the world in terms of newly-added and cumulative installed photovoltaic and wind power capacities, said the report released at a green energy development conference held in the city of Yangzhong in eastern China's Jiangsu Province from Tuesday to Wednesday.
China is also leading the world regarding investments in renewable energy, the report noted.
Boasting multiple green energy patents, China is among the world's most capable powers in developing renewable energy.
Yangzhong has been listed as a model city in renewable energy applications by China's energy administration. It epitomizes the country's efforts to build a green society.
While China's green energy policies and industrial systems are gradually improving, development in the sector still faces some bottlenecks, including financing difficulties for businesses and rising operation costs.
To address such issues, China should strengthen policy guidance to encourage business innovation and create more financing channels for them.
China's energy sector is accelerating its transition to a clean low-carbon mode. Renewable and nuclear energy have accounted for more than half of China's annual increase in installed capacity since 2013, according to a report by the International Energy Agency (IEA).
The share of renewables in meeting global energy demand is expected to reach 12.4 percent in 2023, according to the IEA forecast.