China ‘dominates' global hydropower development amid energy storage push: report
China continued to play a dominant role in global hydropower development in 2024, accounting for the vast majority of Asia's newly added capacity as it invests heavily in
energy storage solutions , according to a new report.
The country was responsible for 14.4 gigawatts of the 24.6GW of new hydropower capacity that came online globally last year, as it bets big on the energy source as an effective way to maintain a stable grid amid the green transition.
More than half of the hydropower capacity China added last year came in the form of pumped storage hydropower (PSH) projects, which store massive amounts of water in reservoirs that can then be released when an electricity grid is running low on power, according to the International Hydropower Association study released on Wednesday.
The energy storage technology is becoming increasingly popular around the world, with governments searching for ways to
cope with large fluctuations in solar and wind energy without resorting to fossil fuels.
China has doubled down on its dam-building spree since 2020, when Beijing set a target of achieving carbon neutrality by 2060.
'With more than 200GW of PSH projects under construction or approved, China is on track to exceed its 2030 target of 120GW, potentially reaching 130GW by the end of the decade,' the study said.
China currently has nearly 436GW of installed hydropower capacity, which represents more than three-quarters of Asia's total capacity, according to the report.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
29 minutes ago
- South China Morning Post
At ‘Summer Davos', Li Qiang says China will be major consumption power: as it happened
Play This live blog has been made freely available as a public service to our readers. Please consider supporting SCMP's journalism by subscribing . Get faster notifications on the latest updates by downloading our app Chinese Premier Li Qiang gave the keynote speech at the Annual Meeting of the New Champions, also known as 'Summer Davos' , in the northern port city of Tianjin on Wednesday morning. The world's second-largest economy has largely withstood the tariff war launched by US President Donald Trump in April, but it still faces external challenges. The 90-day trade truce with the United States is set to expire, tensions are still high with the European Union and conflicts rage in the Middle East, exacerbated by the US bombing of Iran nuclear facilities over the weekend. To compensate, Beijing hopes to empower its domestic market while safeguarding its position in global supply chains. Top officials have already stepped up a charm offensive for foreign businesses and investors, and a recently enacted law on the promotion of the private economy is intended to unleash entrepreneurship in the country and help drive its economic growth. Reporting by Ji Siqi, Sylvia Ma, Alice Li and Frank Chen More from our coverage:
South China Morning Post
an hour ago
- South China Morning Post
Let's move towards a unified platform for taxi and ride-hailing services
Not all taxi drivers are bad and their coexistence with ride-hailing platforms is necessary for the health of Hong Kong's transport ecosystem. The rise of ride-hailing platforms is not the root cause of the taxi industry's problems. Passengers simply want a reasonable point-to-point transport service. They expect to be charged by the meter. They don't want to see drivers trying to answer multiple phone calls during their rides. Passengers expect drivers to know the roads, take efficient routes and stay professional and courteous. These are not big asks, but some drivers still do not meet expectations. Negative perceptions of the taxi industry – stemming from overcharging, fare refusals, and poor behaviour – have further eroded public trust and patronage. Moreover, many work from home in the post-pandemic economy or spend weekends across the border , impacting local taxi usage. Taxi drivers have undeniably faced challenges in recent years, due to factors including fuel costs and competition from ride-hailing platforms like Uber. Over more than a decade, the price of a Hong Kong taxi licence has plummeted from an astronomical HK$7 million to less than HK$2 million. Is buying back these licences with taxpayers' money the right thing to do? Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Uber's global head of public policy, Andrew Byrne, has pointed to examples from jurisdictions such as Australia , where a levy on taxi and ride-hailing services was introduced to support taxi drivers during the transition to a more competitive market. Under this policy, a small fee is collected on every taxi or Uber ride for a fund to help taxi drivers facing financial hardship. A similar scheme can be considered in Hong Kong, providing a temporary safety net for taxi drivers while ensuring fair competition. Thousands of taxi drivers here already use Uber to find passengers. By integrating taxi and ride-hailing services into a unified platform, Hong Kong could create a seamless network that benefits drivers and passengers. Buying back taxi licences would unfairly burden the public and reward speculative behaviour. The government's responsibility is to act in the broader public interest, not subsidise private investment. Roy Ying, senior lecturer, Hang Seng University of Hong Kong Improve the Guangdong driver scheme with hotel tie-ups I refer to 'Hong Kong shouldn't let lack of space hold up Guangdong driver scheme: minister' ( June 11 ). As Hong Kong prepares for the launch of the Southbound Travel for Guangdong Vehicles scheme, much attention has been paid to minimising disruption to local traffic. One effective approach could be to require southbound drivers to anchor their visit around a confirmed hotel stay. Rather than restrict access in the early phases of the scheme, the government could tie approval of each vehicle's entry to a verified overnight booking for one of several designated hotels. These hotels would need to confirm parking arrangements (either on site or through valet services) to ensure that no additional burden is placed on public or roadside parking. This model offers two clear advantages. First, it ensures that each southbound vehicle is arriving with a guaranteed parking solution. Second, it channels visitor spending into the service sector, supporting consumption in a targeted way. To begin with, the scheme could partner with select hotels with sufficient capacity and experience in handling cross-border guests: for example, those near Disneyland. Far from being a complication, linking vehicle entry to accommodation could serve as a smart filter, helping the government manage traffic volume while attracting visitors who are ready to contribute to Hong Kong's economy in tangible ways. Beck Wu, To Kwa Wan National security law serves us well Xia Baolong , director of the Hong Kong and Macau Affairs Office, attended a forum in Hong Kong on Saturday to mark the fifth anniversary of the national security law. One important message he delivered is how implementation of the law has restored social stability and boosted the Hong Kong economy. Recently, Hong Kong was ranked third in the World Competitiveness Ranking, while nine local universities were listed in the latest QS World University Rankings, with five of them among the top 100. This is testament to the Hong Kong government's dedication to improving the development of the city under the auspices of the national security law. The Hong Kong chief executive is striving to boost the economy by visiting or making trade deals with countries like Peru, Qatar and Laos, thereby creating more opportunities for our younger generation. With the launch of Kai Tak Sports Park, major concerts are boosting tourism. Indisputably, confidence in Hong Kong's future is growing due to good governance. Xia urged Hong Kong to strive for high-quality development by making good use of its advantages like the judicial system and its openness to the world. To maintain Hong Kong's progress, national security is the cornerstone. It is important for all to understand the importance of national security and join hands to protect our beloved city from external and internal threats, so as to benefit our society. James Wong Yuen-hong, Sai Kung district council member Advertisement
South China Morning Post
an hour ago
- South China Morning Post
InvestHK celebrates 25 years of spotlighting Hong Kong on the global business stage
02:33 InvestHK marks 25 years as Hong Kong's ambassadors to the global business community InvestHK marks 25 years as Hong Kong's ambassadors to the global business community For its 25th anniversary, InvestHK has numerous achievements to celebrate in its role as the government agency responsible for attracting foreign direct investment (FDI) to Hong Kong and promoting the city as a hub for business. Advertisement Last year, InvestHK reached record-breaking numbers for FDI, by helping 539 mainland Chinese and overseas-based companies establish or expand their operations in Hong Kong – a 41 per cent year-on-year increase. These companies brought a total investment of HK$67.7 billion (US$8.6 billion) into the local economy, 10 per cent higher than 2023, plus an estimated 6,864 new job opportunities. The agency's success can be attributed to its ability to follow major shifts in the global economy and establish dedicated units to serve enterprises in fast-developing sectors such as fintech, robotics, autonomous vehicles, gaming platforms, creative industries and start-ups within the digital space. Alpha Lau, director-general of investment promotion for InvestHK, says that throughout its 25 years in operation, the agency has remained true to its mission of facilitating and promoting investment in Hong Kong. Photo: SCMP/Nora Tam 'We have stayed true to the mission, just in new and different ways,' says Alpha Lau, InvestHK's director-general of investment promotion. 'I am very proud of how far we have come, and the numbers really speak for themselves.' Over the years, more than 7,700 projects have been successfully completed in Hong Kong, which includes getting over 130 companies listed on the Hong Kong stock exchange. In the process, around 93,000 new jobs were created and a total of about HK$420 billion in FDI has been generated. When it comes to working with clients, the InvestHK team has found that the keys to success are building strong relationships, supporting innovation and spearheading events. The agency organises the popular Hong Kong FinTech Week and StartmeupHK Festival, which will both mark their 10-year anniversaries in November. Hong Kong FinTech Week, one of InvestHK's flagship events, showcases the technologies shaping the future of finance, including artificial intelligence and Web3. Photo: SCMP/Matt Haldane 'It is about doing something that no one else has done before,' says Arnold Lau, InvestHK's associate director-general of investment promotion, adding that there are now nearly 4,700 start-ups in Hong Kong, with 13 per cent of them active in fintech. 'It is a matter of finding the people who are innovators, bringing them here and then helping them take their innovations to a broader market.'
