China has increased its installed solar power capacity target for 2015 by 40 percent, according to a statement from the country’s main energy body.
Liu Tienan, head of China's National Energy Administration. Credit: China Daily
Reuters reports that the country’s National Energy Administration has set a goal for installed capacity of 21 GW, up from the 15 GW target noted in 2011. This figure is a revision of the targets for the current 12th five-year plan.
The increased target is thanks to a continued decline in PV prices and new regulations to boost demand.
The National Energy Administration’s plan says that renewables will account for almost ten percent of the country’s energy consumption in 2015. According to the plan, energy consumption per unit of GDP will drop by 16 percent, and carbon emissions will fall by 17 percent from 2010 levels.
This news corroborates previous claims that the Chinese government would increase domestic installation targets to reduce the pressure on producers who now face barriers (in the way of tariffs) in export markets like the EU and U.S.