China Sets Aside USD 361 Billion for Renewable Energy Projects

China plans to invest CNY 2.5 trillion (USD 361 billion) in renewable energy projects by 2020, according to the country’s National Energy Administration (NEA).

The announced investment is part of the country’s 13th Five-Year Plan for Renewable Energy Development which is expected to ensure that renewable energy projects contribute to half of the country’s electricity generation by 2020.

The proposed investment is also expected to create up to 13 million jobs in the renewable energy sector, according to NEA.

With the new investments in place, China’s wind generation capacity will be increased by 210GW by 2020, NEA said.

Currently, China’s installed wind power capacity stands at around 176GW.