Though China hasn’t escaped this trend, it treads carefully to adapt to what happens on the global energy market. To fuel its economic growth, China plans to increase coal production capacity by 300 million tonnes in 2022, which is equal to 7% of last year’s output. A few days ago, it scaled back its 14th five-year plan for renewable energy, setting a target for renewable power generation to supply 50% of additional electricity consumption over 2021-25, down from the previous goal of 67%. In the revised plan, China aims to ensure that its grids source about 33% of power from renewable sources by 2025 and to raise the share of non-fossil fuels in total energy use to 20% (up from last year’s targets of 28.8% and 15.4%, respectively).
With metals used in clean energy technologies also being hit now by supply chain disruptions (see Fig. 2), these ambitious plans may upset the supply and demand equilibrium in the mid term (see Fig. 3) and, hence, pose new challenges for the global economy, whose prospects have lately been persistently bleak. In June, for example, the World Bank revised its outlook for global economic growth to 2.9% in 2022 and 3.0% in 2023, down 1.2 p.p. and 0.2 p.p, respectively, from the January forecast.
 Estimates by the Moscow Energy Center based on forecasts by the IEA (STEPS) and Oxford Economics (capital expenditure per MW is $0.84 million in 2020 and $0.55 million in 2030, calculated at $1.14 and $1.25 per euro, respectively)
 Estimates by the Moscow Energy Center based on forecasts by the IEA (STEPS) and Oxford Economics (capital expenditure per MW (onshore and offshore) is $2.49 million in 2020 and $1.84 million in 2030, calculated at $1.14 and $1.25 per euro, respectively)