Beijing readies fossil fuel exit strategy

Beijing readies fossil fuel exit strategy

Elisa Maria Giannetto
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China launches its 2020 renewables development plan: +15% green energies and +10% natural gas

Amid growing energy demand and rising pollution levels, China is preparing a fossil fuel exit strategy that provides for ambitious investments in clean energy sources between now and 2020. China’s National Energy Administration predicts that green energy’s market share will go up 15% and that that of natural gas will gain 10% over the next three years. Also planned are investments amounting to a combined total of 2.5 billion yuan to finance renewable energy projects during 2016-2020, which will create an estimated 13 million jobs. The plan prioritizes sustainable mobility (i.e. incentivizing low-emission vehicles) and the creation of new wind farms. These two actions will enable Beijing to adjust its energy mix. Currently, clean energies (counting nuclear) account for just 18% of China’s energy mix, far below the global average of 38%. The most innovative businesses are helping to drive China’s green revolution. This year’s Consumer Electronics Show (CES), held a few days ago in Las Vegas, hosted 3,800 Chinese companies presenting their latest innovations to improve energy efficiency where the fight against climate change begins: at home. The smart homes of the future will feature at least five essential elements: rooftop solar panels, energy-saving lightbulbs, purification systems for heating water and climate control, an electric car in the garage and longer lasting batteries to connect all these elements.