China To Pump $360 Billion Into New Renewable Energy Projects by 2020

Posted by Big Gav in china, renewable energy

Last year, Chinese firms invested a record $32-billion (U.S.) in overseas renewable energy and electricity transmission assets, including a $13-billion acquisition by China’s State Grid Corp. of Brazil’s CPFL Energia SA, an electricity generation and distribution company, and Tianqi Lithium’s $2.5-billion purchase of Chile’s Sociedad Quimica y Minera (SQM), a major lithium producer.
In the domestic market, Chinese companies invested $103-billion in renewable energy and associated low-emission technologies – a 17-per-cent increase over 2015 and two and a half times the amount spent in the United States which was the second leading investor in the renewable sector, said the IEEFA report, which is being released Friday.
It notes the International Energy Agency forecast last year that, between 2015 and 2021, China will account for 36 per cent of all hydroelectric capacity growth, 40 per cent of wind and 36 per cent of solar capacity growth. Bloomberg New Energy Finance forecasts the world will invest $7.8-trillion in renewable power over the next 25 years, compared to $2.1-trillion in fossil-fuel electricity.