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China to invest $360 billion in renewable energy

China will invest 2.5 trillion yuan ($361 billion) in renewable energy by 2020. It was reported by Reuters with the reference to the National Energy Commission of China.

Implementation of the plan will provide 13 million jobs in the renewable energy sector. The goal of the programme is to increase a share of renewable sources in the total energy production to 15% by 2020, which is equivalent to 580 million tons of coal.

It is planned that all renewable sources, including nuclear and hydroelectric power plant, will contribute to about half of new electricity generation in three years.

Economists of China, Great Britain and the United States concluded in July of 2016 that China had started to reduce a coal production and its use. Scientists named three main reasons of this trend: an economic slowdown, a recession in the coal industry or current economic policy of reduction of fossil dependency.

China is the third country in the world (after the US and the Russian Federation) by the explored coal reserves and the first by its consumption. The use of coal had allowed making an industrial revolution, but environmental concerns led to its abandonment. China, like other countries around the world, is transitioning from coal to solar, wind, nuclear and hydro kinds of energy.

Source: aftershock

  • January 26, 2017 5:13 PM MSK