China unveils new energy plan

With this goal, by 2025, new energy sources will account for one-third of the electricity supply in the national system. This not only fulfills a commitment to becoming carbon neutral by 2060, but also has positive implications in the context of escalating fossil fuel prices.

According to the National Development and Reform Commission, by mid-May, new energy sources supplied to the national grid have increased sharply. Over the same period, electricity from hydroelectricity increased by 25%, wind power increased by more than 10%, solar power increased by 32%. Thereby, increasing the supply of new energy in the national grid system to 29%.

Solar power investment in the first four months of this year alone was more than 4.3 billion USD, nearly tripled over the same period. China is the world’s largest producer of renewable energy thanks to the Government’s strong investment in wind power, solar power and rooftop solar power projects throughout remote localities.

A corner of a solar farm in Gonghe, China. Photo: Bloomberg

Mr. Li Yun Qing – Leader of the National Development and Reform Commission of China said: “Thanks to the diversified supply for the national electricity grid, especially the sharp increase in new energy sources, the energy supply and demand in the year to come will increase. now will be stable. We actively invest in clean energy projects to further enhance our self-reliance in the face of a volatile world situation.”

China has set a target that by 2025, annual electricity production from renewable energy will reach 2.3 trillion KW/h, wind and solar power output will double, that is, 5 years earlier. compared with the previous target. In the context of the world oil price crisis, China’s energy policy, in the short term, still accepts dependence on coal to ensure energy security.

Energy prices soar

VTV.vn – Key energy commodities saw an upward momentum on the night of May 31, after the EU and Russia’s actions related to Russia’s energy supply to Europe.

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