Chinese industry media reports a 20% fall in photovoltaic manufacturers’ collective valuations on the stock market over the course of the past three weeks, reflecting the realization that immense overcapacity will continue to outweigh rapid demand growth, as well as the release of dramatically lower profit figures from 2023 compared to 2022. Several big companies have engaged in stock buybacks. The American Bureau of Shipping (ABS) has approved Chinese company CNOOC’s 16 MW to 18 MW size floating offshore wind turbine platform system. A leaked draft of European Commission policy obtained by French media organization Contexte shows plans to reach 90% renewable generation by 2040 with substantial grid investment partnered with increased energy storage and ‘flexibility market solutions.’ The draft…