China Allocates $361 Billion for Renewable Energy by 2020

China is set to up the ante on renewables in a new ‘Five-Year Plan’ that will see a total investment of $360 billion (CNY2.5 trillion) by 2020. Citing harmful greenhouse gas emissions, the Chinese National Energy Administration (NEA) is making a bid to reduce the country’s reliance on fossil fuels. The administration said that investment will be used to procure clean energy including wind, solar, hydro, biomass and geothermal, but did not specify on how the funds would be spent.

The investment is expected to create over 13 million jobs in the sector as the installed renewable power capacity including wind, hydro, solar and nuclear power will contribute to about half of new electricity generation by 2020. The agency did not disclose more details on where the funds, which equate to about $72 billion each year, would be spent. Read more (use Google translate)