China has committed to creating an additional $20bn in renewable energy capacity by 2030, a move that would help meet its climate goals and reduce carbon emissions.
Key points:China set aside $20 billion for renewables by 2030China has set a target to cut carbon emissions from its economy by 50% by 2050China’s energy sector is already one of the world’s most efficient, but renewable energy is one of its hottest sectors, experts sayChina’s plan would be the first step towards the goal, which aims to cut greenhouse gas emissions from the economy by half by 2050.
The plan, set out in a new law, will help ensure the country meets its 2020 greenhouse gas emission target of reducing emissions by 50 per cent by 2050, a government spokesman said on Thursday.
Under the new rule, the total amount of renewable energy will be set at 10 per cent of total power generation, up from 6 per cent currently.
The measure would also be used to fund the construction of renewable power plants, and will give the government the tools to meet its 2030 climate goals, Xinhua news agency reported.
Xi has pledged to build a new generation of 100 gigawatts of renewable electricity capacity by 2020, according to the Xinhua report.
China’s renewable energy sector accounts for one of China’s biggest growth areas, accounting for about one-fifth of total electricity generation, according the Energy Information Administration (EIA).
Xi’s government also pledged to invest $1.2 trillion in renewable power capacity by 2022, Xinjiang Daily reported, citing government sources.
China has been working hard to ramp up its renewable energy production, and has set ambitious goals of reducing its greenhouse gas pollution and greenhouse gas output by 50-70 per cent below 2005 levels by 2030.