The Chinese government is to invest US$101 billion in new wind power and infrastructure by 2020, a strategy that is expected to drive significant breakbulk demand in the sector.
The investment is part of a total US$361 billion earmarked for renewable infrastructure in the country by the National Energy Administration, or NEA, in line with the national five-year plan from 2016 to 2020.
The news follows plans by the China’s economic planning unit, the National Development and Reform Commission, or NDRC, to spend US$140 billion on solar energy in the country to boost capacity five-fold.
The NEA estimates that its new spending targets for renewable will create over 13 million jobs in the sector and will drive significant construction activity.
Despite the huge scale of investment the highlighted that renewables will only reach 15 percent of overall energy consumption by 2020.