China Pours $161 Billion into Clean Energy – A Solar and Wind Power Revolution

China’s investment in renewable energy sources such as solar and wind power reached a staggering 190 trillion won ($161 billion) last year.

According to the Korea Institute for International Economic Policy and others on the 4th, Zhang Shixing, Deputy Director and Spokesperson of the National Energy Administration of China, announced in a press conference of the Energy Administration of China on the 25th of last month that the investment in new renewable energy last year increased by more than 34% compared to the previous year.

The investment in solar power generation amounted to 670 billion yuan ($94 billion). The central solar power generation investment in three provinces (regions), including Yunnan, Hebei, and Xinjiang, increased by more than 100% compared to the previous year.

The investment in wind power generation was 380 billion yuan ($53 billion). The onshore wind investment in Liaoning, Gansu, and Xinjiang provinces (regions) accelerated, and investment was concentrated on new large-scale offshore wind projects in Guangdong and Shandong.

China accounted for almost half of the world’s new renewable energy generating capacity of 510 million kW last year.

Also, China’s solar and wind power products were exported to over 200 countries and regions worldwide, with cumulative exports reaching $245.3 billion and $33.4 billion, respectively.