Exploring Opportunities and Challenges of Solar PV Power under Carbon Peak Scenario in China: A PEST Analysis

Abstract

China has experienced rapid social and economic development in the past 40 years. However, excessive consumption of fossil fuel energy has caused an energy shortage and led to severe environmental pollution. To achieve sustainable development, China is striving to transform its growth mode. Adopting renewable energy (RE) including solar photovoltaic (PV) power is an effective measure. How to promote the further development of solar PV power under the scenario of China’s aspirational target of carbon peak by 2030 and 20% RE ratio in the energy mix remains a theme that need to be addressed. This paper analyzes the potential opportunities and challenges confronting solar PV power in China. The analysis covers the dimensions of political, economic, social, and technological (PEST). The results revealed a significant prospect for the further deployment of solar PV power in the coming decades. The aggressive estimated installed capacity of solar PV power is expected to reach 80+ GW annually. To successfully achieve the goal of 80+ GW, barriers that hinder the further development of solar PV power have to be eliminated. Suggestions for policymakers include maintaining enforceability and continuity of policies, favorable financial supports, mandatory RE quotas for all parties, and supporting fundamental R&D. Suggestions for the solar PV industry include full utilization of integrated applications, set up an after-sales service network, collaborative innovation among the industry chain, and engaging in storage and hydrogen technology. The findings are greatly beneficial for policymakers and the solar PV industry.

Integrated Sustainability Assessment Framework of Industry 4.0 from an Energy Systems Thinking Perspective: Bibliometric Analysis and Systematic Literature Review

“…• Aguilar [57] proposed the preliminary use of the PESTEL framework (Political, Economic, Societal, Technological, Environmental, and Legal) for analysing external factors that may influence the sustainable performance of companies, projects, or sectors. This framework has also been referred to either as PESTEL or PEST [58][59][60]70,71];…”

Micro Food Processing Enterprises of Andhra Pradesh: Growth Opportunities Using the PEST Analysis

“…Social factors of a firm depict the work pattern of the firm, the attitude of the employees and firm, consumer preference and taste, demand for products, and type of service required by the consumers. It helps the firm to reorient its strategy toward society (the operating place of the firm) and attracts customers to the enterprise [8,9]. Factors like demographics, consumer preference, and taste, societal and cultural preferences, the effect of advertisement influence the major decisions of the firm.…”

Enabling Factors of NTFP Business Development for Ecosystem Restoration: The Case of Tamanu Oil in Indonesian Degraded Peatland

“…The premise behind PEST analysis is that a company must respond to changes in its external environment. PEST analysis has been widely used to analyze the external environments of companies and industries, and contributes to the formulation of strategies to achieve satisfactory results [37].…”