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World Bank approves $7.3mn loan for China’s renewable energy project

Distributed Renewable Energy Scale-Up Project, World Bank, Global Environment Facility

China has set target to generate more than 50 percent of renewable energy by 2050

The World Bank has approved a loan worth $7.3 million from the Global Environment Facility (GEF) to support the Distributed Renewable Energy Scale-Up Project in China. The GEF loan will bolster China’s renewable energy project in its pilot stage and in regulatory technical assistance to address rising challenges.

China has set the following targets to generate renewable energy in total energy consumption: 15 percent by 2020, 20 percent by 2030, and more than 50 percent by 2050.

The GEF Distributed Renewable Energy Scale-Up Project will help select studies in the areas of planning, grid access, pricing, market design, and business models. The findings in turn will contribute to the developments of policies and regulations at the national and provincial levels.

Distributed renewable energy technologies are a prerequisite for China’s project because they facilitate the use of renewable energy at source for purposes such as consumption or grid stabilisation. This in turn will help to lower the need to transport renewable energy from the point of production to the centers of demand.

The distributed renewable energy is largely associated with the growth in battery storage capacity, a regional media organisation reported.

Song Yanqin, World Bank senior energy specialist and task team leader of the project, said, “This GEF project will help China harness the potential of its clean energy transition. The global community will also benefit from the avoided greenhouse emissions as a result of the project.”

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