The State Grid Corporation of China, which covers over 80% of the country’s power grid, has raised its planned investments for this year to a record-high of $82.7 billion (600 billion Chinese yuan) to boost transmission lines from the key renewable-generation centers to demand hotspots.
From Oilprice.com
The State Grid Corporation of China, which covers over 80% of the country’s power grid, has raised its planned investments for this year to a record-high of $82.7 billion (600 billion Chinese yuan) to boost transmission lines from the key renewable-generation centers to demand hotspots.
The corporation has recently lifted by 13% its budget spending for 2024, according to the Economic Information Daily cited by Bloomberg.
China is looking to ease grid bottlenecks as soaring capacity installations of solar and wind power need to be connected to the grid to deliver clean energy.
China has pledged to achieve net-zero emissions by 2060 and to see a peak in its carbon emissions by the end of this decade.
The country is the global leader in renewable energy spending, but it’s also one of just a few major economies still approving and building coal-fired capacity.