China set to beat renewables target – Worldwatch

London, 15 November: China is on course to meet or exceed its target of sourcing 15% of its energy from renewables by 2020, according to research from the Worldwatch Institute. And, if China’s commitment to renewables persists, renewable energy could provide more than 30% of the nation's energy by 2050, the US environmental think-tanks predicts.

"A combination of policy leadership and entrepreneurial savvy is leading to spectacular growth in renewable energy, increasing its share of the market for electricity, heating, and transport fuels," said Eric Martinot, a Worldwatch senior fellow based in Beijing.

"China is poised to become a leader in renewables manufacturing, which will have global implications for the future of the technology," he added.

These are among the findings of Powering China's Development: The Role of Renewable Energy, written by Martinot and Li Junfeng, vice-chair of China's Renewable Energy Society in Beijing.

More than $50 billion was invested in renewable energy worldwide in 2006, and China is expected to invest over $10 billion in new renewables capacity in 2007, second only to Germany, Worldwatch says.

In the next three years, China is set to become the largest solar and wind energy equipment manufacturer, Worldwatch says, following a doubling in its production of turbines and solar cells in 2006, with photovoltaic capacity growing to more than 1,000MW in 2006 from 350MW in 2005. It already dominates the markets for solar hot water and small hydropower, it says.

"Our ingenuity and manufacturing prowess are being harnessed to provide leadership to the world on renewables," said Li Junfeng. "China's position provides a strong example for other developing countries, while helping to drive down renewable energy costs to become competitive with fossil fuels for all countries the world over."