The Chinese government has confirmed it has increased its target for solar energy by 40 per cent, pledging to deploy 21GW of capacity by 2015.
State media reported that the National Energy Administration (NEA) had rubberstamped the new target in response to the rapidly falling cost of solar technologies and the success of government incentive schemes across the country.
Last year, the government unified various feed-in tariff style incentive schemes that were in operation across the country, providing a national sibsidy regime that has resulted in a surge in solar investment.
The move represents the second time that China has increased the target, which was first raised from 5GW to 15GW under the country’s latest five-year plan.
The NEA said the latest move, which according to local media reports is accompanied by new minimum targets for renewable energy use that will be imposed on energy firms and grid operators, means renewables will account for 9.5 per cent of the country’s energy mix by 2015.
The increased solar power target sits alongside existing goals to deliver 100GW of wind power and 290GW of hydropower capacity by the middle of the decade, which look set to further cement China’s position as the world’s largest renewable energy market.
The target will also provide a major boost to China’s domestic solar firms, which have had to adapt to falling prices and are currently facing the risk of increased import tariffs in key markets such as the US, as policymakers respond to complaints the Chinese government has breached trade rules in its support for domestic manufacturers.
