China’s renewable energy sector to get $782 billion boost

China’s renewable energy sector to get $782 billion boost

China’s wind and solar energy departments could potentially gain up to US$782 billion in investments between 2016 and 2030, according to the findings of a recent research report.

The Asian powerhouse has set a number of renewable energy targets to be achieved over the next decade, including a pledge to increase non-fossil fuel energy to at least 20% of its total consumption.

In order to achieve this target, China would need to further develop its wind and solar power industries to the point where they would provide 17% of its total energy consumption, according to the report published by Greenpeace.

In 2015, wind and solar power accounted for just 4% of China’s total energy consumption.

China’s National Development and Reform Commission (NDRC) recently laid out a goal to raise total wind generation capacity from 129GW in 2015 to more than 210GW in 2020, with solar power targeted to grow from 43.18 GW to 110 GW in the same period.

This five-year plan would lay the foundations for even greater development of the wind and solar departments in China, heading into the decade up to 2030.