每周聚焦：中国和印度竞相发展绿色电力产能

Restricted - External Maggie O'Neal(iii)+ 44 (0) 20 7773 6924maggie.oneal@barclays.comBarclays, UKDave Dai, CFA(i)+852 2903 2655dave.dai@barclays.comBarclays Bank, Hong KongMichael McLean(v)+1 212 526 9393michael.mclean@barclays.comBCI, USCraig Rye, PhD(v)+1 212 526 7669craig.rye@barclays.comBCI, USScott Gordon, CFA(iii)+44 (0)20 7773 0465scott.gordon@barclays.comBarclays, UKDwait Amit Mehta(iii)+91 (0)22 6175 4354dwaitamit.mehta@barclays.comBarclays, UK 1Physical Achievements, Ministry of Renewable Energy, 21 May 20252Report on Optimal Generation Mix 2030 version 2.0, Central Eletricity Authority, 20233Barclays estimates based on announced/approved projectsShare represents % of total cumulative capacitiesSource: National Energy Administration, Barclays ResearchIndia – Asia's second largest carbon emitter – is not far behind in the green transition, with totalsolar and wind capacity reaching 159GW (34% of total power supply)1as of April 2025 (Figure 2).At the current growth rate, India's solar and wind power could overtake its thermal power in thecoming years.FIGURE 2. India: solar and wind represent 34% of power capacity as of April 2025020406080100120140160180201520162017201820192020GWSolarWindSolar + wind share % (RHS)March fiscal year end, so 2024 represents March 2025Source: Central Electricity Authority, Ministry of New and Renewable Energy, Barclays ResearchChina and India have achieved significant advancements in their green energy transition overthe past decade. In our recent research (India's energy transition playbook: Drawing lessonsfrom China, 22 May 2025), we discussed the opportunities and obstacles that lie ahead forIndia's transition, drawing insights from the achievements and lessons learned in China. Wepointed out that while China achieved its renewable energy target six years earlier ahead of the2030 timeline, thanks to state support, availability of local manufacturing and falling cost ofgeneration, the country’s persistent oversupplyofferslessons for India on managing entrybarriers and rigorous price competition. We estimate that by maintaining policy support andavoiding excessive supply, India by 2030 has the potential to grow its generation capacity forsolar by 110%, wind by 185%2and nuclear by 107%3. 0%10%20%30%40%50%60%70%20212022202320241M2025Thermal share % (RHS)2 Sustainable Investing events•Barclays Sustainable and Transition Finance Conference: Navigating GlobalShiftsin Asia,•Hong Kong (28 May 2025)•Climate Trends Shaping US Agriculture with Jerry Hatfield, Former Director of the USDA,•Virtual (29 May 2025)•Barclays Sustainable and Transition Finance Conference: Unlocking Opportunities in a New•Era, London (4 June 2025)•Barclays: Fireside chat with Asia's sustainable pioneers: Tencent Holdings, Virtual (5 June•2025)Sustainable Investing news flow•House budget billeffectivelyhalts US clean energy boom (23 May, Reuters)••ECB Says Water Is Top Nature-Related Risk to European Economy (22 May, Bloomberg)••Cocoa,coffeeand wheat: The EU food imports threatened by biodiversity and climate crises•(22 May, Euronews)•EU Parliament backs exempting 90% of companies from carbon border levy (22 May, Reuters)••US Sets the Stage for duties on Battery Materials From China (21 May, Bloomberg)••EU Awards Over $1 Billion to Renewable Hydrogen Production Projects (21 May, ESG Today)••Korea Revises Audit Laws to Reward Strong Governance (21 May, Regulation Asia)••EU and UK to Link Carbon Markets, Creating Unified Emissions Trading System (20 May, ESG•News)•India Readies Gas Power Fleet to Prevent Summer Blackouts (19 May, Bloomberg)•Five in Five / Equitycast / Crosscast•Heat rash: Summer extreme weather outlook (16 May 2025)••Boxed in without a clear solution (14 May 2025)••US Wildfires - Spring Outlook (1 April 2025)•Latest researchSustainable Investing research•India's energy transition playbook: Drawing lessons from China (22 May 2025)••SFDR tracker: Article 8 AUM rises to record highs; Article 9 stays niche (21 May 2025)••Asia climate commitment checks: forward and upward (21 May 2025)••ESMA fund-naming rules: removals persist (19 May 2025)••Extreme Weather: Summer Outlook and Global Trend Maps (9 May 2025)••ESG fund flow update: April 2025 (8 May 2025)• 3 •Still in the green: Weighing up greeniums across the fixed income universe (7 May 2025)••Carbon Pricing Monitor: April 2025 (6 May 2025)••Minerals and minds (2 May 2025)••SLB chartpack: Q1 25 (29 April 2025)••Trump 2.0 has created a regime change for sustainable investing (29 April 2025)•Sector- and company-specific research•Hurry up and wait: House passes One, Big, Beautiful Bill | Public Policy (22 May 2025)••Moody's downgrades US amid budget reconciliation debate | Public Policy & Interest Rates•Research (16 May 2025)•How Big Is Power in Texas? The Debate Is On | US Utilities / US Energy / Data Science /•Municipals / Sustainable Investing / Thematic Investing (15 May 2025)•Australia credit: sustainability progress showdown | Sustaina