China scraps plans for 85 coal plants and invests 2.5 trillion yuan in renewable energy

Signal of change / China scraps plans for 85 coal plants and invests 2.5 trillion yuan in renewable energy

By George Harding-Rolls / 17 Jan 2017

The National Development and Reform Commission outlines plans to suspend construction of an additional 85 coal power plants as well as plans to invest 2.5 trillion yuan (around £300 billion) in renewable energy. This marks a 39% increase in investment on the previous 5 year plan, creating millions of new jobs and boosting the global market for renewable energy. The report also outlined that, by 2020, China aims to produce half of new electricity from renewable sources: wind, hydro and solar.

So what?

Both America and China ratified the Paris agreement in 2016, but as America's climate leadership faces uncertainty, this is another sign that China are taking wheel on renewable energy. As a major producer of components for solar and wind, this scale of investment will make renewable energy cheaper globally, as well as accelerating research and development.

Sources

“十三五”期间我国可再生能源将新增投资2.5万亿元

http://energy.people.com.cn/n1/2016/1219/c71661-28959864.html

http://www.independent.co.uk/news/world/asia/china-scraps-construction-85-coal-power-plants-renewable-energy-national-energy-administration-paris-a7530571.html

What might the implications of this be? What related signals of change have you seen?

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