China to spend USD 300bn on renewables in 2011-15 - report

Jul 30, 2013 - China’s renewable energy investment between 2011 and 2015 could reach CNY 1.8 trillion (USD 294bn/EUR 221bn), Bloomberg said today citing the vice chairman of the National Development and Reform Commission.

According to Zhenhua Xie, the country might pour CNY 2.3 trillion more into projects targeting energy savings and emission reductions. All that is in line with the government’s goal to cut by 45% on 2005 levels China’s carbon dioxide emissions per unit of economic output by 2020.

By 2015, China targets 100 GW of wind farms and just recently it boosted its solar power capacity target again. The initial photovoltaics goal for the 12th five-year plan between 2011 and 2015 was 5 GW, which was later raised to 10 GW and then to 15 GW. A year ago, the government boosted it to 21 GW and in mid-July 2013 it was raised to 35 GW.

Apart from renewable energy, China’s Environmental Ministry also mulls tightening control on automobile and industry pollution, Bloomberg said. The country is the biggest carbon dioxide emitter on the globe at present.

(CNY 10 = USD 1.631/EUR 1.229)

Choose your newsletter by Renewables Now. Join for free!