Over the next four years (and since 2016), the Chinese government plans to spend 2.5 trillion yuan ($361 billion) on improving the country’s renewable energy infrastructure.
According to the National Energy Administration (NEA), the program will create 13 million jobs in the five years that it will be active. This is great news, considering China has the world’s largest energy market and cleaning it up is quickly becoming a priority.
Wind, hydro, solar and nuclear power will contribute to about half of the new electricity generation by 2020, says the NEA, though the organization did not disclose details on where, exactly, the $72 billion/year will be spent.
In December 2016, the National Development and Reform Commission (NDRC), China’s economic planner, said that the solar industry will receive 1 trillion yuan of spending. This is equivalent to about 1,000 major solar power plants and will increase solar capacity by 5x, nationwide.
“The government may exceed these targets because there are more investment opportunities in the sector as costs go down,” said Steven Han, renewable analyst with securities firm Shenyin Wanguo.
*Article originally appeared at Minds: https://www.minds.com/blog/view/666384973577592839