Investment over Renewables in China Grow over 30%
Published By : 02 Jun 2015 | Published By : QYRESEARCH
China has invested around US$90 billion in several renewable energy projects in the nation in the year 2014, which is a growth of around 30 per cent on the previous year, according to a detailed report analyzing the country’s energy sector.
This spike in investments was unveiled in a report by the United States government’s Energy Information Administration (EIA). However, this also adds fossil fuel, especially coal still seemed to continue its dominance in the nation’s power sector. At present, coal is so far the most polluting fossil fuel and the nation China is considered as the world’s top emitter of climate changing greenhouse gases.
The wind power production in the nation spiked by around 40 per cent in the duration of 2012-13. However, there exists still big gaps in the transmission infrastructure. According to EIA, China is aggressively investing in solar energy too and is expecting to grow its capacity from 15 GW to 100 GW by 2020. Significant government subsides have aided the fuel growth in the solar sector.
EIA mentioned several similar levels of expansion are occurring in other non-fossil fuel sectors and they are in line with the Beijing government aim to generate around 15 per cent of their total energy via non-fossil fuel sources by end of 2020.
A massive hydroelectricity program in the nation continues on and dams are at present being constructed in several regions of the country. According to the EIA evaluation, due to the cost effectiveness along with sizeable resource potential, the sector of hydroelectricity has manifested as the key source in the nation for renewable energy generation.