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RENEWABLE ENERGY
13 January 2015 | by Gabor Chodkowski-Gyurics

Chinese $89.5 billion commitment to renewable energy during 2014

Chinese $89.5 billion commitment to renewable energy during 2014
China committed $89.5 billion (€77 billion) to renewable energy sources development in 2014, marking a 32 percent increase from 2013, a senior government official said on January 9.
China’s position as world’s leading renewable investor lies in stark contrast with its unwillingness to finance climate action until recently.

Chinese preference for cheap coal power has led to acute air pollution in metropolitan areas, which recently became considered a risk to public health, agriculture and economic growth. For example, PM 2.5 pollution in Beijing reached a level of 505 micrograms per cubic meter, more than 20 times the World Health Organization’s safe level of 25 micrograms per cubic meter.

Extreme pollution in Chinese cities has recently pushed China to make some more decisive steps toward a targeted climate action policy. Beijing signed a climate change action agreement with the US in November. According to the agreement China intends to achieve the peaking of CO2 emissions around 2030 and to make “best efforts” to peak early and intends to increase the share of non-fossil fuels in primary energy consumption to around 20 percent by 2030.

Global 2014 investments in renewable energy sources expenses added up to approximately $310 billion, marking a 16 percent increase as compared to 2013. However, they still haven’t reached the 2011 peak of $318 billion.





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