Solar, Wind Energy Could Pump $2T to China's GDP by 2030
China's wind and solar industry is anticipated to increase fivefold by 2030, significantly boosting the country's GDP, according to Greenpeace.
A massive investment program in clean energy is slated to attract 5.4 trillion yuan ($780 billion) of new investments into the Chinese energy system over the next 15 years. And the wind and solar sectors could pump a whopping 14.3 trillion ($2 trillion) into the country's GDP. By 2030, China's wind and solar industries would be worth 1.57 trillion ($230 billion) and contribute 1.1 percent of China's annual GDP, Business Green reported.
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"The potential benefits of wind and solar energy in China are staggering," Yuan Ying, climate and energy campaigner of Greenpeace East Asia, said. "Not only could China rid itself of fossil energy sources to the tune of 300 million tonnes of standard coal, it could also save enough water to meet the annual basic needs of 200 million people and add billions of dollars to the national economy."
Demand for direct job opportunities is also expected to leap fourfold to 2.4 million. And indirect jobs like transportation and raw material production is forecasted to increase to 5.3 million in 2030 from 1 million in 2015. Overall, China's wind and solar industries will employ 7.7 million people by 2030.
Ditching coal for emissions-free renewable energy could also bring financial gains. The external environmental benefits are slated to reach 0.3 RMB/kWh, amounting to 456 billion yuan ($66 billion) as a result of replacing fossil energy sources. In 2015, the two industries added about 0.16 RMB/kWh.
Coal-powered plants could also bring water crisis to the country since they consume massive amounts of water. In 2015, the development of solar and wind energies reduced water consumption by 0.57 billion cubic meter. The figure is forecasted to increase to as high as 3.6 billion cubic meter per year in 2030, which is equivalent to the yearly basic needs of 200 million citizens.