China to Invest $600B to Modernize Energy Infrastructure
China is expected to invest $600 billion to modernize its energy infrastructure over the next decade, according to a blog post from the GE Power Conversion in China business group.
The Chinese government plans to develop 27 GW of wind power capacity in 2015. As of 2011, China’s National Energy Administration had approved wind projects totalling more than 100 GW in generating capacity.
China’s largest liquified natural gas (LNG) project supplies an estimated 2 million cubic meters of LNG per day and 481,100 tons annually. By 2020, China plans to expand its LNG carrier fleet to 80 or more vessels. Currently, China has a LNG carrier fleet of 10 vessels and by 2015 expects to have 11 LNG receiving terminals.
China will spend $294 billion on renewable energy development by 2015. The government plans to develop more than 35 GW of solar power capacity by 2015.
Every year China builds the equivalent of the UK electrical grid, which has nearly 100 GW installed.
These record-level investments are needed to meets China’s increasing demand for energy due to industrial expansion and urban population growth. According to a 2013 report released by the US Energy Information Administration, China and India are projected to account for half of the world’s increase in energy consumption through 2040.
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