China is one of the fastest developing countries in the world. Along with technical advancement, China wants to advance in sustainability as well. The nonrenewable resources are getting scarcer every day- like a ticking time bomb. Among all the bad news surfacing recently, China decided to give the world good news by announcing a promise to invest $360 billion in renewable energy. China plans to explore all the viable options including the wind, hydro, solar and nuclear which together will make up half of all new electricity generation by 2020. China will be the new Captain Planet in the coming years!
The solar power plant will occupy 1 trillion yuan as China plans to boost the solar capacity five-folds which are about 1000 major solar power plants!
The Wind is one of the safest and easiest to maintain among all the renewable resources. Thus, China wants to invest more than 700 billion Yuans, as opposed to 72.8 billion dollars that they invested in 2015.
From the total budget, China allocated 500 billion Yuan on hydropower. The entire hydro plant would be a huge project which would generate a major percentage of electricity throughout the country.
The rest of the money would go to the geothermal projects according to the National Development and Reform Commission (NDRC) in last year’s December.
People’s Bank of China and the Green Finance Task Force are working together to raise the fund for the enhanced sustainable budget. The assumption is more than 3 percent of the Chinese GDP for the next 5 years has to be used to achieve the green target of 2 trillion Yuan which is $320 billion dollars! Click here to know more.