China blows competition away with $360bn plan for renewable energy

China  is planning to plough nearly $360bn into renewable energy generation by the end of the decade and expects 25% of its electricity needs to be met from wind power by 2030  – and is also investing heavily overseas in an attempt to position  itself as the leading force in the global renewables market. 
Over the past week, a blueprint document released by the country’s  National Energy Administration (NEA), along with  a report from the Institute for Energy Economics & Financial Analysis (IEEFA), reveal the extent of China’s shift away from coal to cleaner fuels.
According to the NEA, the $360bn  investment is expected to create more than 13 million  jobs, with the majority of the funding likely to be channelled into wind farms and hydro power and the remainder going to tidal and geothermal projects.
With  construction and installation  costs  having dropped by as much as 40% since 2010, China is already the world’s top solar generator. 
At the same time, according to the  IEEFA,  China has been busy cementing its position as the world leader in the renewable energy market through a number of overseas acquisition over the past 12 months including  China Light & Power’s $1.1bn deal to buy power from AustraliaEnergy’s wind and solar farms; the acquisition by Tianqi Lithium of a 25% stake in Chilean lithium miner and processor SQM for $2.5bn; and Beijing Enterprises’s $1.6bn  investment in the German  Waste to Energy waste management company
IEEFA calculates that China now owns five of the world’s six largest solar-module manufacturing firm and its largest wind-turbine and lithium ion manufacturers. In the state-run State Grid Corporation,  it also boasts  the world’s biggest power company, which is itseld on a mission to create a global grid that could  draw electricity from  a disparate  array of sources –  including windmills at the North Pole to  vast solar arrays in Africa’s deserts – and then distribute the power to all corners of the world. 

Source: theguardian