The Technology section is published with the support of Favbet Tech
The country accounts for 80% of the world's production of solar panels.
Chinese companies are producing so many solar panels that they have caused a glut in the market—and a resulting drop in prices. The Financial Times reports that in Germany and the Netherlands the panels are already being used to cover garden fences; the practice is also gradually spreading in Great Britain, North America and Australia.
Solar panels are usually installed on roofs, where they can capture as much sunlight as possible, but the low price allows them to be installed in other places, while saving on hiring specialists for high-altitude work.
“Why build a fence when you can just put a bunch of solar panels, even if they are not oriented exactly towards the sun?,” says Martin Bro, head of climate research at BNP Paribas Exane.
Global supply of solar panels is projected to reach 1,100 gigawatts by the end of 2024—three times the demand, according to the International Energy Agency.
Solar panel prices have already fallen by half last year and, as the agency notes, will potentially fall by another 40% until 2028.
The excess supply from China also does not allow manufacturers from the United States and Europe to compete effectively – and this will be one of the topics that US Treasury Secretary Janet Yellen will touch on during her visit to the Asian country.
Online course on industrial engineering and effective robots from the Powercode academy. An intensive course for learning how to work with ChatGPT and other tools for professional and special tasks that will help both beginners and professionals. Sign up for a course
“During meetings in China, Secretary Yellen will defend the right of American workers and businesses to be treated fairly, including by pressuring their Chinese counterparts on unfair trade practices and by focusing on the global economic consequences of China's industrial overcapacity,” the Treasury said in a statement. .
Last week, Yellen, during a visit to Suniva's solar cell plant in Georgia, said she was “concerned about the global overcapacity in China” that has hit new energy industries including solar panels, electric vehicles and lithium-ion. batteries.
Chinese manufacturers are also facing problems from an excess of solar panels. Last month, Longi Green Energy Technology, the world's largest solar cell manufacturer, announced it would lay off thousands of workers.
“I will express my belief that overcapacity poses a risk not only to American workers and companies and to the global economy, but also to the productivity and growth of the Chinese economy,” Yellen said. < /p> The Technology section is published with the support of Favbet Tech
Favbet Tech is IT a company with 100% Ukrainian DNA, which creates perfect services for iGaming and Betting using advanced technologies and provides access to them. Favbet Tech develops innovative software through a complex multi-component platform that can withstand enormous loads and create a unique experience for players. The IT company is part of the FAVBET group of companies.