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Solar PV power to be China’s main energy source by 2020

CHINA is actively looking to sustainable projects so that it can eventually rely on green energy. Back in 2009, researchers revealed that the country is set to surpass its target of renewable power from solar PV devices by 2020. The target is forecasted to meet “more than fivefold or possibly even tenfold” of the initial goal set for renewable power.

While the target was deemed “impossible” back then, experts are positive that they will be able to meet said sustainable goal in less than four years.

"The goal that we made originally is probably too low," said NDRC assistant director Wang Zhongying. "By 2020, we can reach 10,000 MW or more (maybe 20,000 MW)."

However, China will be facing plenty of challenges before they can reach their goal of 100% renewable energy reliance, as the country is still strongly dependent on fossil fuels. In fact, the demand for oil from China is said to have helped OPEC with their issue of oversupply. Their strong dependency on fossil fuels led the government to build underground storages for their reserved petroleum.

Recent challenges in the oil and gas industry have led consumers worldwide, particularly those in China, to rely on affordable energy sources compared to solar PV power and other alternative green energy sources. Such devastating industry issues have also affected a slew of businesses that are highly reliant on the oil and gas sector.

Many smaller companies struggled to stay afloat during the industry’s economic downturn. Although, a select group of multi-national corporations came out the other end stronger, using their experience to good use. Some of them even took this time to partner with other oil companies to maintain strong social networks and sustain their aspirations for growth regardless of the challenging market they found themselves in.

Currently, the government is still hopeful of continued progress in their green energy projects. In fact, the free rooftop solar power project in Shanghai is now the first recipient of a New Development Bank loan in the country. Based on a reliable source working at the bank, they will receive the equivalent of a $81 million loan to support their renewable energy project.

"With this, we embark on a journey to provide speedy assistance to projects across developing nations. We're pleased that the projects deal with green and renewable energy and hope they will act as catalysts for development," said NDB president K.V. Kamath.

China is known as a leader in solar panel technology, but it’s still a long way off reaching its sustainability goals. China’s solar PV power adoption rate was only 17 percent in 2014, which means it’s lagging behind nations like Germany that has an impressive 70 percent adoption rate.


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