|Prei Dy |||Apr 25, 2017 04:47 PM EDT|
(Photo : Getty Images) Photovoltaic power panels stand at Abaste's El Bonillo Solar Plant while wind turbines spin at a wind farm on the background in El Bonillo, Albacete province, Spain.
China wants its non-fossil fuels to account for around 20 percent of its total energy consumption, increasing by over half of the current demand by 2050, the country's National Development and Reform Commission (NDRC) said on Tuesday.
According to a policy document, carbon dioxide emissions will peak by 2030 and total energy demand will reach six billion tons of standard coal equivalent by 2030, 1.6 higher than this year's target, Reuters reported.
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The NDRC plans to increase oil and underground natural gas storage facilities, although it did not divulge specific details about the plan. The statement also stressed the commitments that are part of the five-year plans including its aim to boost use of wind and solar power.
Meanwhile, China also plans to erect fewer solar panels this year. China will only add between 26 and 28 gigawatts (GW) of power generating capacity this year, decreasing its share in the global market from 44 percent to 33 percent in 2016.
Chinese solar farms are expected to slightly increase by just 1.3 percent in 2017 to between 79 and 85 GW, far from the 35 percent increase recorded in 2016. China erected a total of 34.5 GW of solar farms last year, but only 60 percent of their output was sold, which is lower than their 80 percent target.
On the other hand, China's wind and solar sectors are also expected to increase fivefold by 2030, boosting the country's GDP. Investment program in clean energy is being eyed to attract a whopping 5.4 trillion yuan ($780 billion) worth of new investments. Both industries are slated to pump 14.3 trillion yuan ($2 trillion) into China's GDP.
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