China aims to spend at least $360 billion on renewable energy by 2020

The New York Times reports: China intends to spend more than $360 billion through 2020 on renewable power sources like solar and wind, the government’s energy agency said on Thursday.

The country’s National Energy Administration laid out a plan to dominate one of the world’s fastest-growing industries, just at a time when the United States is set to take the opposite tack as Donald J. Trump, a climate-change doubter, prepares to assume the presidency.

The agency said in a statement that China would create more than 13 million jobs in the renewable energy sector by 2020, curb the growth of greenhouse gasses that contribute to global warming and reduce the amount of soot that in recent days has blanketed Beijing and other Chinese cities in a noxious cloud of smog.

China surpassed the United States a decade ago as the world’s biggest emitter of greenhouse gasses, and now discharges about twice as much. For years, its oil and coal industries prospered under powerful political patrons and the growth-above-anything mantra of the ruling Communist Party.

The result was choking pollution and the growing recognition that China, many of whose biggest cities are on the coast, will be threatened by rising sea levels.

But even disregarding the threat of climate change, China’s announcement was a bold claim on leadership in the renewable energy industry, where Chinese companies, buoyed by a huge domestic market, are already among the world’s dominant players. Thanks in part to Chinese manufacturing, costs in the wind and solar industries are plummeting, making them increasingly competitive with power generation from fossil fuels like coal and natural gas. [Continue reading…]

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