China to step up financial support for wind and solar power

China said on Thursday it will step up financial support for the development of wind and solar power generation, as part of its efforts to meet its target for carbon emissions cuts.

China to step up financial support for wind and solar power

China would step up financial support to promote the healthy and orderly development of wind and solar power industries, as some renewable energy companies had encountered difficulties in production and operations due to tight cash conditions, the People’s Bank of China (PBOC) said in a statement on Thursday.

President Xi Jinping last year targeted a steeper cut in rates of carbon emissions relative to economic activity by 2030 and set new goals for growth in renewable energy as the country looks to reach the peak of its emissions before the end of the decade.

In early March, China set a modest five-year growth target for nuclear power generation capacity and promised quicker development of alternative energy sources, but left its coal industry largely untouched.

For promising renewable companies facing short-term repayment pressure, financial institutions could make arrangements including loan extensions, refinancing or adjustments of the schedule and terms of loan repayments, PBOC said on Thursday.

China will preferentially give subsidies to wind and solar power companies, and further step up credit and loan support, the PBOC said.

Originally published at Economic times energy