China ‘to invest £293bn in renewables by 2020’

China is to invest around 2.3 trillion yuan (£293bn) in renewable energy generation by the end of the decade. The National Energy Administration expects the investment to create more than […]

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By Priyanka Shrestha

China is to invest around 2.3 trillion yuan (£293bn) in renewable energy generation by the end of the decade.

The National Energy Administration expects the investment to create more than 13 million jobs, according to reports.

It adds installed renewable capacity such as wind, solar, hydro and nuclear power will contribute to around half of new electricity generation by 2020.

However renewables will still only account for around 15% of overall energy use during the same period.

The news follows China’s National Development and Reform Commission’s (NDRC) announcement that solar power will receive one trillion yuan of spending as the nation aims to boost capacity by five times.

Investment in renewable energy projects in the UK is expected to decline by 95% between 2017 and 2020.