China has announced a huge energy reform. This reform is going to take place from now until 2030. During this time, China is looking to add more than 1,500 GW of energy capacity to its country. Not only that, but the country has said that a huge amount of this energy is going to come from renewable sources.
According to a report from Bloomberg New Energy Finance, China will be nearly doubling its current energy capacity by the year 2030. They will do this by investing more than $3.9 trillion a year. This breaks down to generating 88 GW of new capacity every single year. To put that into prescriptive, 88 GW is the equivalent to the total energy capacity of the UK as a whole. Thus, this is a massive undertaking by the Chinese government.
Renewable energy is going to be the area that China focuses on the most. However, they will also have an increased reliance on natural gas as they try to break away from dirty energy like coal. In fact, coal’s share of the energy market is expected to fall from 67 percent in 2012 to just 44 percent in 2030.
However, it is not all good news for the environment. China’s energy reform will still see the country investing in new coal-fired power plants until 2022. These plants will help the country produce up to 38 GW of power. This is an area of major concern for many environmentalists, who would like to see the country stop relying on coal.
China’s dependence on coal is going to start to fall starting 2020. However, lowering greenhouse gases in the country will likely take 15 years or more because of how many new coal plants the country is planning to open. Environmentalists feel that this is too long to wait and that the damage could already be done.
Jun Ying, who is the head of Bloomberg New Energy Finance, said that China has already started to change course toward a clearer future. This is the good news. However, despite these significant improvements, coal is going to continue to remain a huge force in China until 2030. That is a long way off, and a lot can happen between now and then.
This report goes on to show that there are a number of different ways that this can all play out. For example, the path to cleaning up the air could take a lot longer than 15 years. This is even worse news for China despite all of the money it is investing in its energy network. Either way, it will have tons of energy available for its people.