According to October's Windicator China currently has an installed capacity of 44.4GW. The NEB's prediction come amid fears of a slowdown in the Chinese market.
Liu Qi, vice-minister of NEB said, China aimed to establish a competitive renewable-energy industrial system by 2015, comprising wind power, solar power, bio-mass energy, thermal application of solar energy, and nuclear power. These non-fossil energy sources will generate 480 million tonnes equivalent standard coal energy annually.
NEB deputy director of the new energy and renewable-energy department Liang Zhipeng, said that after 2015, China will seek to ensure renewable energy is competitive prices with conventional energy sources such as thermal power.
Liang said: "China must make breakthroughs via innovations, if it expects to continue exploiting large-scale renewable energy. If the existing power operation mechanism is not adjusted, the grid will not be able to accommodate more wind power and solar energy. Renewable-energy development will go on to meet bottlenecks."
He added China will intensify international co-operation in the next five years as it seeks to achieve these aims.
He added "In the early stage of international co-operation to develop renewable energies, China mainly stressed obtaining foreign capital and advanced technologies. Now, we pay higher attention to management co-operation."
Wang Zhongjing, deputy director of the international department of Ministry of Finance, said the Chinese government and World Bank have decided to launch second-stage co-operation for China renewable-energy scaled development program (Cresp).
China will use about $30 million donation from the Global Environment Facility to solve key problems facing China’s renewable-energy expansion, such as grid access. The first stage project of Cresp started in 2006. In the past five years, the project has received $40.22 million investment.
Cresp is estimated to stimulate the Chinese renewable-energy sector to receive over CNY 9 billion investment. The annual newly increased renewable-energy output values exceed CNY 10 billion.
Wang Xiangdong, a senior energy expert at the World Bank, said the second stage project of Cresp aims at scaled development that is more efficient, sustainable and economical. The priority is given to cut down incremental costs, improve efficiency and strengthen grid access.
NEB will introduce a quota system for electrical power generation with renewable-energy sources.