China's Investment in Renewable Energy

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Renewable energy is energy which comes from natural resources such as sunlight, wind, rain, tides, and geothermal heat, which are renewable (naturally replenished). About 16% of global final energy consumption comes from renewables, with 10% coming from traditional biomass, which is mainly used for heating, and 3.4% from hydroelectricity. New renewables (small hydro, modern biomass, wind, solar, geothermal, and biofuels) accounted for another 3% and are growing very rapidly. The share of renewables in electricity generation is around 19%, with 16% of global electricity coming from hydroelectricity and 3% from new renewables. China has been identified to be the world's largest consumer of energy. The country is poised to spend $473.1 billion on clean energy investments in the next five years. The planned investment is part of China's 12th Five-Year Plan for Economic and Social Development (2011-2015) which aims for an installed solar energy capacity of 10 gigawatts by the end of the period. China also wants 20 per cent of its total energy demand to be met by wind and solar by 2021. A report from the United Nations Environment Programme (UNEP) notes that in 2010, the world's second-largest economy (China), led all nations investing in renewable energy, with $49.8 billion in funds. China had been ranked as the world's largest consumer of energy surpassing, the U.S. and EU. In the next 25 years, 90 per cent of the projected growth in global energy demand will come from non-core economies and China alone will account for more than 30 per cent. One significant factor that is generally recognized as the best indicator of any nation’s level of development, industrial strength and wealth is the amount of energy that is available and used by that country. The reason for this relationship is the reliance of the majority of the world’s economic activities on the availability of energy. Energy shortage may sound paradoxical in a major oil-producing nation such as Nigeria....
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