A report commissioned by China's National Development and Reform Commission and authored by The Climate Group and the Central University of Finance and Economics states that by 2020, China will need to raise up to $243 billion annually for clean energy development. The report will be submitted to the Chinese government this month.<\/p>\n\n\n\n
China invested $67.7 billion in renewable energy last year (2012), a 20% increase from 2011, accounting for a quarter of global investment in clean energy, despite an overall decline in global clean energy investment in 2012.<\/p>\n\n\n\n
The report points out that by 2020, China will need to spend 3.5 times more than last year to help achieve its goals of reducing carbon concentration and low-carbon energy.<\/p>\n\n\n\n
China plans to meet 15% of its domestic energy demand with low-carbon energy by 2020, reduce carbon concentration by 17% from 2011 to 2015, and achieve the goal of reducing carbon concentration to 40-45% of the 2005 level by 2020.<\/p>\n\n\n\n
The report states that to achieve these goals, up to $333 billion will need to be invested in 2015 and $413 billion by 2020.<\/p>\n\n\n\n
Current public and private funding is insufficient to complete the investment, with a financing gap of approximately 2% of the 2015 GDP estimate, or as much as $214 billion annually, which will grow to $243 billion annually by 2020.<\/p>\n\n\n\n
The report also points out that \"although the funding gap is large, it is relatively small at 2% of GDP... Chinese leaders have ways to fill the gap.\"
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