China Getting Serious About Solar Energy

China Getting Serious About Solar EnergyChina Getting Serious About Solar Energy

The world is slowly but steadily increasing its investments in solar energy sector, as it becomes more affordable with each passing day.

As the global manufacturing hub for solar photovoltaic panels with nearly 75% of total PV panel manufacturing, China is now considered to be the fastest growing market for solar energy for the next five years.

China also has a dubious distinction of being the world’s largest carbon emitter. So, in order to reduce rising greenhouse emissions, China continues to announce ambitious clean energy targets. For example, it has raised its solar target for 2015 from 15 gigawatts to 17.8 gigawatts, Oil Price reported.

“This reflects China’s stronger efforts to reduce emissions,” said Peng Peng of Chinese Renewable Energy Industries Association. In fact, a BNEF report in January 2015 revealed that at $89.5 billion, China has now become the largest market for renewable energy.

As part of its future energy strategy, China announced last year that the share of renewables would increase from 9.8% in 2013 to 15% by 2020. It also announced that by the end of 2020, the total solar capacity in China would be increased from 15 gigawatts (end of 2013) to 100 gigawatts. In order to achieve this mammoth target and reduce its dependence on coal, China has already started taking some important steps.

China has started constructing its largest solar power plant, which will be spread over 10 square miles in the Gobi Desert in its Qinghai province. With a total installed capacity of 200 megawatts, this upcoming solar power plant, when completed, will be capable of providing energy to nearly a million households.

This plant will be China’s first large-scale solar plant under commercial operation and is being constructed by the Qinghai Solar-Thermal Power Group that will also be operating it.