China Will Invest $361 Billion in Renewable Energy

From Reuters.  Visit the source for a short video and an image.

China to plow $361 billion into renewable fuel by 2020

Thu Jan 5, 2017

China will plow 2.5 trillion yuan ($361 billion) into renewable power generation by 2020, the country’s energy agency said on Thursday, as the world’s largest energy market continues to shift away from dirty coal power towards cleaner fuels.

The investment will create over 13 million jobs in the sector, the National Energy Administration (NEA) said in a blueprint document that lays out its plan to develop the nation’s energy sector during the five-year 2016 to 2020 period.

The NEA said installed renewable power capacity including wind, hydro, solar and nuclear power will contribute to about half of new electricity generation by 2020.

The agency did not disclose more details on where the funds, which equate to about $72 billion each year, would be spent.

Still, the investment reflects Beijing’s continued focus on curbing the use of fossil fuels, which have fostered the country’s economic growth over the past decade, as it ramps up its war on pollution.

Last month, the National Development and Reform Commission (NDRC), the country’s economic planner, said in its own five-year plan, that solar power will receive 1 trillion yuan of spending, as the country seeks to boost capacity by five times. That’s equivalent to about 1,000 major solar power plants, according to experts’ estimates.

The spending comes as the cost of building large-scale solar plants has dropped by as much as 40 percent since 2010. China became the world’s top solar generator last year.

“The government may exceed these targets because there are more investment opportunities in the sector as costs go down,” said Steven Han, renewable analyst with securities firm Shenyin Wanguo.

Some 700 billion yuan will go towards wind farms, 500 billion to hydro power with tidal and geothermal getting the rest, the NDRC said.

The NEA’s job creation forecast differs from the NDRC’s in December that said it expected an additional 3 million jobs, bringing the total in the sector to 13 million by 2020.

Concerns about the social and economic costs of China’s air pollution have increased as the northern parts of the country, including the capital Beijing, have battled a weeks-long bout of hazardous smog.

Illustrating the enormity of the challenge, the NEA repeated on Thursday that renewables will still only account for just 15 percent of overall energy consumption by 2020, equivalent to 580 million tonnes of coal.

More than half of the nation’s installed power capacity will still be fueled by coal over the same period.

(Reporting by Meng Meng and Beijing Monitoring Desk; Writing by Josephine Mason; Editing by Michael Perry and Christian Schmollinger)

http://www.reuters.com/article/us-china-energy-renewables-idUSKBN14P06P

Advertisements

Published by

Leanne

I began writing Elle's Adventure in China (EACh) in June 2014 as a fun summer project, but as obstacles kept interfering with my plans, I forked and forked more options. I took writing this novel much more seriously in mid-July, and want to have it officially published someday in my lifetime. As many artists put their hearts into their projects, so do I. I did not start out liking to read, but a professor suggested a book for me for homework a few years ago, and it was an amazing book. Since then, I read for pleasure, and I hope my novel, Elle's Adventure in China, does the same for as many of you as possible. The same thing goes to writing. I did not like to write until I took a course where the professor and papers made me love to write. I hope every one of you find what makes you happy and dedicated to work. In May 2015, I started my other blog, Read and Write Here (R&WH), as a place to post other things that aren't China- and Chinese culture-related and not EACh. I share some of my memories and experiences from student teaching, irregular participation in Daily Prompts, etc. I'd like to have regular people and bloggers to write book reviews and post it on R&WH someday. Keep reading and writing!

Have something to say or ask?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s