China will invest $373 billion in clean energy

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China dramatically increases financing for renewable energy. In the coming years, the government will spend 2.7 trillion yuan or $373 billion to build solar and wind power plants. The Chinese authorities are aimed at a radical increase in the share of non-fossil energy sources in the total energy balance. According to the plan of the State Council of China, by 2030, one fifth of China’s energy needs will be provided by clean energy. Now, Brazil is the leader in the use of renewable energy. In the country, 45% of the energy comes from “green” sources. The European Union is in second place, with a 17% share. In China, only 8.9% of energy is produced without the use of fossil fuels. However, the clean energy market in the country is growing at the fastest pace and will grow until 2023. The volume of wind energy in China will increase 2 times in the next five years, and the use of biofuels - 1.5 times.

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