Study on Investment for Power Infrastructure in China Towards Carbon Neutrality
School of Accounting and Finance, Xiamen University Tan Kah Kee College, Zhangzhou 363105,
| Abstract: | Under global climate change and China’s “carbon neutrality” target, optimizing power infrastructure investment is critical for promoting energy transition and sustainable development. This study systematically analyzes and compares the investments of four types of power infrastructure (thermal power, hydropower, wind power, and photovoltaics) based on the data from power projects commissioned during China’s 13th Five-Year Plan period. The research examines multiple dimensions, including differences in unit investment costs, spatial distribution characteristics, temporal evolution trends, and budget to final cost deviations, to reveal the investment characteristics and optimization strategies for different power projects. The results indicate that hydropower exhibits the highest unit investment cost, while thermal power has the lowest. The cost of photovoltaic projects has shown a significant downward trend due to technological advancements. Additionally, investment costs vary significantly across regions, influenced by resource endowments, market demand, and policy environments. The study finds that economies of scale are more evident in thermal and hydropower projects, whereas wind power projects do not demonstrate a significant reduction in unit investment costs with scale expansion due to factors such as site selection, technology, and supply chain constraints. Based on these findings, this study proposes policy recommendations, including optimizing investment scale, advancing market-oriented financing, enhancing resource utilization efficiency, and strengthening policy guidance to improve investment returns and facilitate the efficient development of power infrastructure in China’s green and low-carbon transition. |
| Keywords: | Carbon Neutrality; Power Infrastructure; Investment Analysis; Energy Transition |
| DOI: | 10.57237/j.jest.2025.01.002 |
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Received: 16 March 2025
Accepted: 20 May 2025
Published Online: 30 June 2025
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