//China has announced it will invest 2.5 trillion yuan in renewable energy

China has announced it will invest 2.5 trillion yuan in renewable energy

china-renewable-energy

Renewable Energy in China just received a massive boost when it was announced that it will invest 2.5 trillion yuan ($360bn) in renewable energy over a five year period, reducing carbon emissions by 1.4bn.t.

The investment is part of a five year plan (2016-2020) for renewable energy generation issued by China’s State Council, the National Energy Administration (NEA).

“Renewable energy is the main force of China’s non-fossil energy sources, but also the future of China’s important energy transformation support,” said NEA deputy director Li Yangzhe. “The 13th five-year plan for renewable energy development aims at achieving the goal of non-fossil energy by 2020 and resolving the main problems facing the development of renewable energy.”

The country has also set a goal to cut energy consumption by 15% in 2020 compared with 2015.

As part of the five year plan it has vowed to continue cutting high-emission industries and promoting new industries, including cutting-edge information technology, new materials, new energy and energy-saving industry. It said it expected that the output value of low-carbon new industrials would surpass £1.2 trillion by 2020.

It said that coal would be used more efficiently, and recyclable energy sources would be encouraged. Therefore by 2020, it said the use of coal would account for less than 58% of total energy consumption.

“If these general goals are down every year, then during the period, the total installed capacity of power generation of renewable energy will average annual growth of 42.5M.kW in China,” said Yangzhe.

Energy saving in key sectors will be promoted, including manufacturing, construction, transportation, trading, agriculture and public institutions.

Environmental concerns have also been taken into account with the plan urging emissions of major pollutants to be cut from manufacturing industries, mobile sources and agriculture.

Emission in key areas, especially those suffering from heavy air pollution, has also been underlined. The plan said that coal consumption will be controlled in those areas, and that gas would be encouraged as a replacement for coal.

High emission industries in major rivers, including the Yangtze River, Yellow River and the Pearl River, have also been urged to be controlled to deal with water pollution.