US sanctions on Chinese solar panels cripple its own green agenda and harm Americans

According to a recent South China Morning Post report citing the China Silicon Industry Association, last month, major Chinese solar panel makers Longi Green, TCL Zhonghuan, and Tongwei sliced their prices by as much as 27% on the back of cuts in raw material costs.

This is set to benefit the world and mainly Europe, as the continent diversifies its energy portfolio amid the ongoing conflict in Ukraine and attendant disruptions of the gas supply from Russia.

China is a world leader in solar panel production. It supplies more than 80% of the world’s photovoltaic panels, according to information from the International Energy Agency. In its 14th five-year plan period from 2021 to 2025, Beijing is expected to add at least 570 gigawatts (GW) of wind and solar power ahead of its carbon neutrality goal set for 2060. It is expected at that time that non-fossil fuel energy sources will account for over 80% of the country’s energy portfolio.