Renewable.jpg (Photo : Reuters)
The International Renewable Energy Agency (IRENA) said on Monday that China has the potential to become the world's largest renewable energy market by 2030, provided it succeeds in doubling the ratio of renewable sources like solar and wind energy, according to China Daily.
IRENA, in cooperation with the China National Renewable Energy Center, released a report titled "Renewable Energy Prospects: China" which says China can expand renewables in the power sector from 20 to 40 percent by 2030, making it the world's largest renewable energy user.
Further, the report said that by using more such energy, China will improve millions of lives and save billions of dollars, taking into account the costs of health care and the savings achieved by reducing emissions.
IRENA director-general Adnan Z. Amin, in his message on the report, said: "As the largest energy consumer in the world, China must play a pivotal role in the global transition to a sustainable energy future in an increasingly 'carbon-constrained' world. The country is already a global leader in renewable energy, with massive potential to harness a diverse range of renewable sources and technologies, both for power generation and for end-use sectors."
In Beijing, during the formal launch of the report, Amin added: "China's energy use is expected to increase 60 percent by 2030. How China meets that need will determine whether or not the world can curb climate change."
He also said that the recent climate change accord between China and the United States will help boost investments in renewables. Under the accord, China agreed to cap carbon dioxide emissions by 2030 and expand the share of non-fossil energy in the total primary energy supply to about 20 percent by 2030.
Under China's current business-as-usual policies, however, the share of renewables in the country's energy mix will only rise to 17 percent by 2030, according to estimates in the report. It can be increased to reach about 26 percent if $145 billion is annually invested in renewable energy technologies between now and 2013.
The higher renewable share will in turn result in an annual savings of at least $55 billion by 2030 once factors like human health and reduced emissions are taken into account, the report calculates.
According to Commodities Now, China has already installed more renewable energy capacity in 2013 than Europe and the remaining Asia-Pacific region combined. It is also now a major exporter of renewable energy technology, having accounted for two-thirds of global solar panel production, 90 percent of installed biogas systems, and 40 percent of newly installed wind capacity in 2013.
