China's wind and solar sectors could attract as much as 5.4 trillion yuan ($782 billion) in investment between 2016 and 2030 according to recent Reuters report. China has pledged to increase non-fossil fuel energy to at least 20 percent of total consumption by the end of the next decade, up from 12 percent in 2015, part of its efforts to tackle air pollution and bring carbon dioxide emissions to a peak by around 2030.
To do that, China would need to raise wind and solar power's share of primary energy consumption to 17 percent by 2030, up from 4 percent in 2015, according to the report, published by environmental organization Greenpeace and involving research by a government institute, a Chinese university, and other groups.
In its 2016-2020 "five-year plan" for renewables, China's National Development and Reform Commission (NDRC) laid out a plan to raise total wind generation capacity from 129 gigawatts (GW) in 2015 to more than 210 GW in 2020, with solar set to rise from 43.18 GW to 110 GW over the same period.
Total renewable capacity, including hydropower, would rise to 680 GW, 27 percent of the national total and up from around 480 GW in 2015, the NDRC said. The NDRC itself projected its plans would require a total investment of 2.5 trillion yuan on solar, wind and other renewables just over the 2016-2020 period.
However, the agency warned the country's electricity distribution system was still not flexible enough to handle renewable power, and there were still technological obstacles when it came to connecting wind and solar to the grid, leading to large amounts of waste.