China Set To Invest $174 Billion In Hydro & Wind Over Next 4 Years
December 2, 2016
China is set to spend $174 billion on hydro and wind energy infrastructure over the next four years according to reports from the country’s National Energy Administration obtained by Reuters.
Reuters reported on Tuesday that blueprint documents from China’s National Energy Administration (NEA) for the wind and hydro sector showed that the country is set to spend at least 1.2 trillion yuan ($174 billion) between 2016 and 2020.
Specifically, Reuters said that the NEA plans construction of new wind farms to provide approximately 300,000 new jobs by 2020, and to have a market-based subsidy system for the wind industry as well.
Given China’s large-scale ambitions for renewable energy, and its leading role in tackling climate change — which is likely to become even more important depending on the way Donald Trump goes with America’s climate and energy policy — this might come as little surprise.
It could also spell a refocusing for China’s energy plans, following this year’s cut to the country’s Feed-in Tariff for solar, and potential future cuts rumored back in September. China’s FiT cuts were partly responsible for the global solar lull we have seen throughout the third quarter. China is nevertheless set to end 2016 with 30 GW of new solar installed, despite a massive drop-off in the second half of the year.
However, China’s recently submitted Thirteenth Five-Year Plan included reduced national targets for wind power — its national targets for wind power were revised down from 250 GW (including 10 GW of offshore wind) by 2020 to 210 GW (with 5 GW of offshore wind) by 2020.
China has always been a hydropower nation, and a revised focus is unsurprising.