China to cut renewable energy subsidies after project boom

China’s state economic planning agency announced new steps on Sunday to cut subsidies for renewable energy projects, following a boom in solar and wind projects.

China set a record for solar installations in 2024, up 45 percent from a year earlier, bringing total installed capacity to 887 gigawatts, more than six times the capacity in the United States, according to data from the International Renewable Energy Agency.

The rapid growth has enabled China to meet its 2030 clean energy target six years ahead of schedule, reflecting an acceleration in its shift toward renewable energy at a time when the United States, led by President Donald Trump, has withdrawn from the Paris climate agreement for a second time, while pledging to ease oil and gas exploration.