China announced that it will make a 2.5 trillion CNY (361 billion dollars) investment on renewable energy production. According to the National Energy Administration (NEA), this investment between 2016-2020 will provide employment opportunity to over 13 million people. The renewable energy production capacity of the country will increase by five times.
NEA declared renewable energy of wind, solar and nuclear power will consist of half of the total new energy production in 2020. NEA did not give details about where the 72 million dollars per year of finance will be spent on.
Pollution Issue in China
This investment reflects the desire to limit fossil fuel usage in China. Especially the city of Beijing has been struggling with high levels of air pollution. Renewable energy will prevent more damage to the environment. Serious air pollution rates have been a big issue in the northern parts of China, for the past weeks. Aside from the health problems, this pollution also damages the economy and social life.
NAE mentioned in their written statement that even with the new investment, the country will still use coal for more than half of its energy needs. Although this renewable energy investment will not be able to solve all China’s pollution problems, it is a good start to decrease it and ensure safer and more comfortable life standards to its people.