China is on target to reach a record 230GW of wind and solar installations this year, more than double the number of US and European installations combined, according to a new report by energy consultancy Wood Mackenzie.

Wind and solar project investment for China is expected to reach $140bn for 2023, according to the report’s findings.

“China announced its 2060 carbon neutral target in 2020 and since then has been quietly re-organising the entire power sector to support rapid electrification and expansion of renewables.