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China

China

China to invest CNY2.5 trillion in renewables

CHINA: The Chinese government has announced it will invest CNY 2.5 trillion ($362 billion) in renewable energy over the next five years, while reiterating a wind target of at least 210GW by 2020.

China plans CNY2.5 trillion of investment in renewables, as pollution levels reach all-time high (pic: Kentaro Iemoto)
China plans CNY2.5 trillion of investment in renewables, as pollution levels reach all-time high (pic: Kentaro Iemoto)

Of the CNY 2.5 trillion total, approximately CNY 700 billion will be invested in wind power, the government said, with CNY 1 trillion being set aside for solar investment and CNY 500 billion for hydropower.

The remaining total will be invested in biomass, biogas and geothermal initiatives.

An additional 13 million jobs will also be created in the renewables sector, the national energy administration said.

The government also said the cost of wind should be competitive with coal by 2020 and the industry should "as soon as possible" no dependent on subsidies. 

In its 13th five year plan (2016-2020), China is targeting annual growth in its renewable energy capacity of 42.5GW, including 16GW of new wind capacity a year.

This would take the country to a minimum of 210GW of wind power in 2020, up from 155GW at the end of 2016, according to Windpower Intelligence, the research and data division of Windpower Monthly.

By 2020, China wants to have started construction of 10GW of offshore wind power, including the completion of 5GW.

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