The HydroChina Corporation recently issued the Renewable Energy Development Report of China 2023. According to the report, the global newly added renewable energy installed capacity is expected to reach about 470 million kilowatts in 2023, with a year-on-year growth rate of 13.9%, accounting for 86% of the newly added installed capacity in the electrical utilities industry, and the global renewable energy installed capacity will exceed 3.8 billion kilowatts. The report pointed out that the cumulative installed capacity of renewable energy in China will exceed 1.5 billion kilowatts in 2023, with a year-on-year growth rate of 24.9%, accounting for 51.9% of the total installed capacity of the whole country's power generation, and nearly 40% of the global renewable energy installed capacity. Solar power and wind power have become the second and third largest sources of electricity in China. The per capita renewable energy installed capacity in China has surpassed 1 kilowatt, and the renewable energy electricity generated will reach 295 trillion kilowatt hours, with a year-on-year growth rate of 8.3%, accounting for 32% of the total social electricity consumption, which is more than the total social electricity consumption in the EU's 27 countries.