By LEE PASHAEDIReuters(Reuters) – China is poised to enter a new solar market as part of a global strategy to boost renewable energy production, with its leaders pledging to spend $2 trillion over the next decade to produce enough electricity to power nearly 100 million people.
Solar panels are pictured at a solar energy installation in Jinan, Guangdong province, China December 1, 2017.
A key element of the new strategy is the construction of new solar power plants in China.
China is now the world’s biggest producer of solar energy, with almost a third of the world production.
It also has the largest installed solar capacity, and a large market of consumers willing to pay for power when the sun is shining.
“China will become the biggest solar market in the world,” said Li Jie, head of the National Development and Reform Commission (NDRC), the central government’s planning and finance arm.
The NDRC will be led by Prime Minister Li Keqiang, who is expected to make the announcement on Wednesday.
It is expected that Li will unveil the NDRC’s long-awaited plan to develop China’s solar power sector, including the construction and installation of about 10 gigawatts (GW) of solar capacity by 2020.
The plan is a key part of China’s ambitious 2030 goal to boost its renewable energy output to 20 GW.
It aims to build the world the equivalent of the entire capacity of Germany’s Total Solar.
“The NDrc will be responsible for developing the new industry, with the aim of achieving the goals of the 2030 target of doubling solar capacity in the next 10 years,” said Zhang Huiying, deputy director of the China Institute for Technology, Technology Policy and Research at Renmin University.
“It is a great achievement,” Zhang said, adding that the NDrc has been working closely with the industry since last year.
“We have always wanted to make solar a world-leading technology, so we will build a lot of facilities to achieve this goal,” he said.
China’s government is also expected to launch a nationwide solar power network by 2020, and the NDDC will lead its plans to create and expand solar capacity.
The NDRC is set to develop a network of more than 1,000 solar power stations across China, according to the NDIC.
China will build its first large solar park in 2020, with a total capacity of 500 megawatts (MW) in Jinang county in Jiangsu province, the NDBC said.
It will also start developing solar energy projects in other areas, including in the provinces of Henan and Shandong, and also build wind and solar energy power stations in the province of Jiangsu.
In the meantime, the government will continue to pursue projects that will increase China’s installed solar energy capacity.
The new solar park is expected not only to generate jobs for local people, but also to contribute to the country’s overall energy security.
The government has pledged to spend about $1 trillion on solar energy over the coming decade.
The country is also likely to make significant investments in wind energy over time, especially as China builds a new generation of turbines that are more powerful and efficient.
China plans to build about 600 wind turbines by 2020 and build another 1,500 over the same period, according the NDCC.
The government is planning to expand solar power generation by building at least 20 gigawatts of new capacity by 2022, with more than 40 GW expected to be installed over the period.
China has also announced a plan to invest $1.5 trillion in new wind energy projects over the course of 20 years.
The country also plans to expand the use of solar power to cover half of its electricity needs.
In an interview with Reuters, Li said China’s goal was to “provide the world with a reliable energy source that is affordable for all people”.
“The world’s needs will be met by the world having a reliable and affordable energy source,” he added.
China hopes to expand its solar power capacity by more than 200 GW by 2030.
Its aim is to generate enough electricity for about 10 million people by 2030, the National Energy Administration said.
The total solar capacity will be about 7 GW, or about 5 percent of China.
The Chinese solar market is already seeing some headwinds.
The economy has slowed in recent years, and solar panels have been hit by a slowdown in the industry.
Solar power has also suffered from the high cost of materials.
The U.S. Federal Energy Regulatory Commission said in February that it was concerned about a potential drop in the value of solar panels over the long term, and warned that there were signs of a downturn in the solar industry.
Last year, the U.N. agency called for more robust data to monitor the health of the solar energy industry, but said it was too early to make any conclusions.
“With the rapid growth of solar, China is likely to remain one of the most important solar markets in the developing world,” the agency said