What China has achieved in renewable energy is "an example to the entire world," Heymi Bahar, a senior analyst with the International Energy Agency (IEA), has said.

In its annual renewable outlook report released earlier this month, the IEA noted that the world added 50 percent more renewable capacity in 2023 than in 2022, with the next five years set to see the fastest growth yet.

Bahar further said that in solar photovoltaic (PV) deployment, China alone installed about 220GW of solar PV, the same as the rest of the world combined, doubling its pace in one year.

Bahar, the co-author of the IEA's report, said that China stands out as the largest global producer of solar PV modules, contributing to approximately 80 percent of the world's module manufacturing in an interview with the South China Morning Post.

The IEA's report highlighted the cost discrepancy in manufacturing costs for polysilicon PV modules. The report said that in 2023, compared with the costs in China, manufacturing a polysilicon PV module was 30 percent more expensive in the United States, 10 percent higher in India, and 60 percent higher in the European Union (EU).

That has led to a decline in solar module prices of more than 80 percent over the last decade, said Bahar, noting lower prices for solar modules helped all countries in the world to expand solar PV deployment.