05 Jan China to commit $360B to renewable energy by 2020
China has signified its intentions to move away from coal power after its energy agency said it will commit 2.5 trillion yuan (US$361 billion) into renewable energy generation by 2020.
Already leading the global rankings for renewable energy investment, the latest announcement demonstrates China’s commitment to cleaning up its energy landscape.
According to the National Energy Administration (NEA) the projected investment will create over 13 million jobs in the energy sector based on a blueprint document that lays out the plan to develop the nation’s energy sector during the five-year 2016-2020 period.
The government agency added installed renewable energy capacity across wind, hydro, solar and nuclear power will contribute to half of new electricity generation by 2020.
China is concentrating on replacing coal power generation after northern parts of the country have been shrouded in weeks-long clouds of hazardous smog because of striking levels of pollution.