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China endorses plan to step up solar power demand after 2015
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Tuesday, 24 Jul 2012
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Bloomberg reported that the Chinese government will accelerate the pace of solar power installations after 2015, part of a program including funds from the state to cap carbon emissions while satisfying the nation’s demand for electricity.

The State Council said it aims to boost solar power capacity to 50 GW in 2020 from 21 GW targeted for 2015. About 3.6 GW are installed now. The government will promote private investment in the industries and set up special funds for research.

According to figures from BP Plc the world biggest producer of carbon dioxide from fossil fuel burning said it aims to derive 4.5% of its energy from low carbon sources and pare at least 400 million tons of CO2 a year by 2015. Last year about 0.6% of its energy came from renewable.

Ms Jessica Ng an analyst for New Energy Finance in Beijing said the targets and fund will certainly create opportunities for technology innovation.

According to the statement the world second biggest economy is harnessing low emissions energy generated from the sun, wind and biomass to help meet its target of cutting greenhouse-gas emissions by 17% per unit of gross domestic product in its five year plan through 2015. China wants to have 100 GW of wind, 21 GW of solar and 13 GW of biomass power installed capacity by 2015.

By 2020, the country plans to double the wind capacity from 2015 and targets 50 GW of solar and 30 GW of biomass installed capacity.

The nation aims to have 40 GW of nuclear power installed capacity by 2015.

Source - Bloomberg

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