Shares in renewable energy companies edged up on China’s stock exchanges Wednesday following the release of a national plan for reducing fossil fuel-based energy consumption, according to the country's official Xinhua News Agency.
China’s energy czar, Chen Deming, said on Tuesday that China needs $265 billion in investments to meet its renewable energy goals by 2020, according to the English-language China Daily.
The private sector, including state-owned companies, will likely foot most of the bill to reach China’s goal of generating 15 percent of its energy needs from renewable sources within 13 years, according to the National Development and Reform Commission’s (NRDC) plan. Beijing and local governments will contribute only about one-fifth of that total investment, Mr. Chen said.
Mr. Chen promised tax incentives and subsidies to help companies switch to more sustainable forms of energy, the China Daily said. But Mr. Chen also sketched out specific requirements, such as renewable energy investment quotas for large, state-owned enterprises and the installation of solar power equipment in real estate development projects, according to the China Daily.
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