China renewable energy investments to reach US$439 by 2020

China’s total investment in renewable energy is expected to top RMB3 trillion (US$439.11 billion) before 2020. Such an industry with high growth potential will likely be the country’s new profit-maker, a report from the State Information Center (SIC) said. In addition, the SIC predicted that total installed capacity of nuclear power, wind power, and solar power will amount up to 80,000 megawatts (MW), 150,000MW, and 1,800MW in the following ten years, respectively. The country was advised to provide more preferential policies, such as the financial support, tax and price allowance, as well as cost and risk allocation mechanism, for domestic new energy projects, apart from the investment expansion. Meanwhile, China should also further perfect its new energy investment and financing services system, introduce more social capitals into the renewable energy field, establish the special new energy research fund, and pay more attention to the upgrade of traditional energy sectors, the SIC recommended. (July 3, 2009)