ABC News reported that China will spend $493 billion in support of renewable power generation by the year 2020 as stated by the country’s energy agency. China is the world’s largest energy market and they are continuing to shift away from coal power towards a cleaner and renewable power.
The investment will create over 13 million jobs in this sector, the National Energy Administration stated in a blueprint document that lays out its plan to develop the nation’s energy sector between the 2016 to 2020 period.
The agency said installed renewable power capacity, including wind, hydro, solar and nuclear power would contribute to about half of new electricity generation by the year 2020. The big investment reflects Beijing’s continued focus on decreasing the use of fossil fuels as it ramps up its war on pollution.
The spending comes as the cost of building large-scale solar plants has dropped by as much as 40% since 2010. And last year, China has become the world’s top solar generator.