China Invests in Renewable Energy

China has often been attacked for not focusing enough attention on reducing carbon emissions and tackling the problems of record breaking bad quality of air in Beijing. Their current electricity policy is geared towards the improved efficiency of wind power because of the big possibility of large scale development. A report by Clean Technica supports China’s steady government support and rising demand for renewable energy predicts that China will maintain a strong lead over other renewable energy economies.

At the current growth rate China are predicted to be able to produce 100GW of power through wind farms by 2015 (the equivalent of Europe in 2012) and have set targets for 150GW by the year 2020 all the way up to 1000GW by 2050. Lin Yuanyuan states in a blog from renewableenergyworld.com that ‘Based on this target, by 2050 China’s investment into wind power  is expected to reach RMB 12 trillion (approx. US$1.9 trillion), opening the door to many opportunities for its wind power equipment manufacturers.’ China has also been taking steps to allow foreign companies into the vast market by no longer requiring them to have had experience in China to make a bid on large scale wind power projects.

Renewable energy: The Dabancheng wind farm in China’s Xinjiang province. Photograph: Bob Sacha/Corbis

For companies looking into entering the Chinese wind power market, the wind power China expo is a must. WPC is the annual meeting place, a knowledge-sharing and trading platform for over 300 brands from 59 companies. Cleanenergyexpochina.com shares with us that the 2013 event is expecting more than 20,000 trade visitors and 800 delegates.  The main visiting parties in 2012 included a large percentage (49.23) of energy investors.

Although this data is showing a very positive stance on promoting renewable energy sources, China as the world’s largest carbon emitter still relies far too heavily on coal (almost 80%) to fuel its rapidly growing economy and population size. This is almost as much as the rest of the world combined. But on the positive side, China’s investment into wind power shows that this powerful nation is really pushing green energy sources and technologies. Which as well as stimulating business and creation of jobs leads to a reduction in carbon emissions; setting an example for the rest of the world to follow.