China to increase renewable energy consumption to 25% by 2025

China intends to increase its consumption of electricity generated at solar and wind farms to 25 percent by 2025, according to the project plan published by the State Strategic Administration of the PRC, Report informs.

According to the document, this year the share of renewable energy sources in China’s energy consumption should grow to 11 percent. Last year this figure was 9.7 percent.

At the end of 2020, China doubled its generation based on renewable energy sources compared to 2019. Thus, wind generation capacity increased by 71.67 GW - up to 281.5 GW, solar generation capacity - by 48.2 GW, up to 253.4 GW. Total investment in renewable energy last year reached a record $11 billion. President of the People's Republic of China Xi Jinping said that the total capacity of solar and wind energy is planned to be increased to 1,200 GW by 2030.

China has announced its intention to achieve carbon neutrality by 2060. China expects to reach the peak of carbon dioxide emissions already in 2030.

Chinese regulators are considering the possibility of introducing a tax on the import of so-called light cycle oil. The introduction of such a tax will revolutionize the economy of the market segment, the volume of which at the end of last year amounted to approximately $7 billion.