Renewable energy spending set to rise
Print Edition
CHINA will spend 2.5 trillion yuan (US$360 billion) on renewable energy installation through 2020 and boost consumption by upgrading the distribution network.
The investment, proposed by the National Development and Reform Commission in its five-year (2016-2020) plan for renewable energy, will be 39 percent more than that during the 2011-2015 period.
By the end of 2020, China aims to add 6.8 trillion kilowatts powered by renewable energy to its generation capacity, said the National Development and Reform Commission, the country’s top economic planner. Renewable energy facilities will supply 1.9 trillion kilowatt-hours of electricity, accounting for 27 percent of total power generation by 2020.
China will invest 500 billion yuan in hydropower to increase capacity of this energy source by 60 million KW, according to the proposal. It will invest 700 billion yuan in wind power to add 80 million KW generation capacity. An investment of 1 trillion yuan will go to solar energy to ensure its capacity will grow about 67 million KW to 110 million KW by 2020.
Apart from investment in installation, China will also seek to boost the consumption of renewable energy by upgrading its distribution network to ensure it will reach more areas in need because the country suffers from a “waste of renewable energy generation,” the NDRC said.
China will annually utilize renewable energy equivalent to 730 million tons of standard coal by 2020 under the plan.
Policy support for renewable energy, technological improvements and reduced costs will change China’s energy mix, with more wind, solar and geothermal power alongside biomass energy resulting in a cleaner and sustainable economy, the NDRC said.
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