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China “The world’s biggest investor in renewable energy”

Everyone knows that China’s enormous and unstoppable energy consumption is helping make the world hotter. But a cool breeze is blowing. The same week that the G-8 countries looked to nuclear amidst a global energy crisis and PetroChina announced a 6 percent increase in oil production, China not only announced it would spend US$175 billion to clean up its act but also focused on the source, beginning to build its largest wind power farm. Indeed, at an eventual output of 200 megawatts, it will be one of the world’s largest.

It’s another sign that China, which already calls itself the world’s biggest investor in renewable energy is serious about harnessing its enormous wind potential (estimated at 632 gigawatts onshore and 750 gigawatts offshore), and reaching its goal of using renewables to fulfill at least 10 percent of its energy needs by 2010. By 2020, China now aims to have 30 gigawatts of installed wind power capacity, up from just 1 GW last year, providing power to between 13 and 30 million households; the cost of reaching this goal will be around US$188 billion, says the state. Now investors are racing to catch the wind.