| Mark Clulow
China has set an ambitious target to have renewable energy sources account for 35% of the country's total power capacity by 2030. The government has implemented various policies to support the development of renewable energy, including subsidies, feed-in tariffs, and other financial incentives.
Here are some of the policies and initiatives that China has implemented to support renewable energy development:
Subsidies for renewable energy
The Chinese government provides subsidies for renewable energy projects, including solar, wind, and hydropower.
The subsidies help to reduce the cost of electricity generated by renewable energy sources, making them more competitive with traditional fossil fuel sources.
China has implemented a feed-in tariff system for renewable energy, which guarantees a fixed price for electricity generated by renewable sources.
This provides a stable revenue stream for renewable energy projects and encourages investment in the sector.
Green bond market
China has developed a green bond market to support financing for renewable energy projects.
In 2019, China issued over $30 billion worth of green bonds to support clean energy development.
Carbon trading scheme
China has implemented a national carbon trading scheme, which creates a market for companies to trade carbon credits.
This incentivizes companies to reduce their carbon emissions and invest in renewable energy projects.
Belt and Road Initiative
China's Belt and Road Initiative is a global infrastructure development project that includes a focus on renewable energy.
China has invested in renewable energy projects in countries along the Belt and Road, including solar projects in Pakistan and wind projects in Kazakhstan.
Typical New Energy Projects in China
Here are some live renewable energy projects in China, along with their project amounts in USD:
- Datang Jilin Yanji Shixing Wind Farm: This 50 MW wind farm is being developed in the Yanbian Korean Autonomous Prefecture in Jilin Province. The project is expected to cost around $82 million.
- Tongwei Solar (Hefei) Project: This 2 GW solar project is being developed in Hefei, Anhui Province. The project is expected to cost around $1.5 billion.
- Datang Hebei Xiangshuijing Wind Farm: This 100 MW wind farm is being developed in the city of Zhangjiakou in Hebei Province. The project is expected to cost around $126 million.
- Gansu Huangzhong 50 MW Photovoltaic Power Plant: This solar project is being developed in Huangzhong County, Qinghai Province. The project is expected to cost around $50 million.
#China #Strategy #Government #Policies #new energy