China’s Longi looks to slash costs as renewable energy sector faces tough headwinds from inflation
A worker at Longi, which makes wafer components for solar panels, checks a module at its plant in Xian, Shaanxi, central China.A worker at Longi, which makes wafer components for solar panels, checks a module at its plant in Xian, Shaanxi, central China.The world’s largest solar manufacturer has slashed nearly a third of its workforce after a cost-cutting drive that included telling staff to only print in black and white fell short and as a chill ripples through the renewable energy sector.
It is unclear exactly how many jobs will be lost at the company, which employed 80,000 at its peak last year, as an internal function allowing employees to see the total number of staff has reportedly been disabled. However, the resulting higher energy bills pushed up inflation rates, adding costs to renewables supply chains already under pressure from the surge in demand. Meanwhile, oil and gas companies have retrenched from green projects in favour of traditional high-margin fossil fuel projects.
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