China to plough US$361 billion into renewable fuel by 2020
Beijing to invest heavily in solar energy as part of plans to create more than 13 million new jobs and move away from dependence on coal power
China will plough 2.5 trillion yuan (US$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 more 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 would contribute to about half of the new electricity generation by 2020.
The agency did not disclose more details on where the funds, which equate to about US$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.