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The Chinese government has said that it will increase financial support for wind and solar power generation development
- Chinese President Xi Jinping last year released new targets that proposed steeper cuts in carbon emissions by 2030
- Renewable companies facing short-term repayment pressure would be able to obtain loan extensions, refinancing or adjustments of the schedule and terms of loan repayments.
The Chinese government has said that it will increase financial support for wind and solar power generation development as it looks to meet its improved carbon emission targets. Chinese President Xi Jinping last year released new targets that proposed steeper cuts in carbon emissions rates relative to economic activity by 2030. The plans also included improved growth goals for renewable energy development.
In March, China released a modest five-year growth target for nuclear generation capacity while promising quicker renewable energy development. However, the government set no targets for the coal industry.
Renewable companies facing short-term repayment pressure would be able to obtain loan extensions, refinancing or adjustments of the schedule and terms of loan repayments from financial institutions, according to the Political Bureau of the CPC (PBOC). The PBOC also stated that the government would provide subsidies to wind and solar power companies and increase its credit and loan support.