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China Reiterates Plans to Boost Clean Energy

China Reiterates Plans to Boost Clean Energy

China, the world’s biggest investor in renewable energy, reiterated plans to boost construction of solar and wind power plants along with projects to transmit electricity from the clean sources.

The nation will also start construction of some key nuclear power projects in eastern coastal areas and “reasonable” hydropower plants, according to comments from Premier Li Keqiang posted on the central government’s website.

The statement reinforces China’s commitment to look for alternative sources of energy as the nation’s policy makers grapple with improving the nation’s air and water supplies.

The world’s largest carbon emitter is planning the energy projects to stabilize growth and adjust its energy structure after Li declared war on smog in a speech last month, vowing to shut coal-fired furnaces among other measures. Beijing’s air quality failed to meet government standards 52 percent of the time last year, the Ministry of Environmental Protection said in March.

Mainland China has 20 nuclear reactors in operation, 28 being built, and more about to start construction, which would deliver a more-than-threefold increase in capacity by 2020, according to the World Nuclear Association’s website. New approvals for nuclear plants recommenced in October 2012, after their suspension following the 2011 Fukushima disaster.

Jiangsu Shentong Valve Co. led shares of Chinese nuclear-related companies higher. The nuclear-plant valve maker rose as much as 5.1 percent to 17.06 yuan, headed for the highest in 22 months, and traded at 16.56 yuan as of 10:29 a.m. in Shenzhen. Shanghai Electric Group Co. traded 3.4 percent higher in Shanghai.

China will begin building ultra-high voltage and regular grids to deliver power from the country’s west to the east, Li said in the statement, underscoring a previous plan. The country will also promote clean-energy vehicles.

Electricity power system reform will be speeded up and trade between power suppliers and users will be promoted, the statement said.

Copyright 2014 Bloomberg

Lead image: China flag via Shutterstock

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