RENEWABLE ENERGY IN CHINA
Renewable energy is helping China complete its economic transformation and achieve energy security. Increased amounts of investment in renewable energy technologies have risen markedly since 2000 in China, and investment in renewable energy is now part of the country's economic stimulus strategy. Use of renewable energy is expected to total the equivalent of 478 million tons of coal by the end of 2015, accounting for 9.5% of total energy consumption.
China's installed hydropower capacity surpassed 230 million kW as of April 2012, the largest in the world. Hydropower was the second largest source (after coal) for electricity generation in 2011, accounting for 13.3% of total output of 4.6 trillion kW hours.
China has the largest wind resources in the world and three-quarters of them are offshore. Its installed wind power capacity surpassed 47 million kW as of April 2012, the largest in the world. China is also the world's largest wind turbine maker.
China's installed solar power capacity surpassed 30 million kW as of April 2012 and is expected to reach 50 million kW by the end of 2020. China is the world's largest solar panel producer, but 99% of the production is exported.
China aims to produce 1% of its renewable energy generation through bioenergy by 2020, such as ethanol-based biofuel, according to the goal set by the National Energy Administration.
Laws and Policies
The Renewable Energy Law passed in 2005 explicitly states that the development and the usage of renewable energy is a prioritized area in energy development. Financial subsidies, technical support and other incentives are provided to promote the development. China also has introduced policies to standardize renewable energy products, prevent environmental damage and regulate prices of clean energy.
China invested $67.7 billion in renewable energy in 2012, overtaking the United States as the world’s biggest investor in the renewable energy, according to Bloomberg research. Investment in renewable energy will total RMB1.8 trillion between 2011 and 2015, according to a report released by Tsinghua University.