Under ambitious renewables investment plans China eyes ca $90bn for geothermal
Under an ambitious and extensive renewable energy investment plan, China could invest up to $90 billion into geothermal development in the country.
In reports by news outlet Reuters, China is planning a tremendous and ambitious renewable power generation investment program.
Under it, the country plans to invest around 2.5 trillion yuan ($361 billion) into renewable power generation by 2020. This was announced by the Energy Agency of China.
Expected to create over 13 million jobs in the sector, the National Energy Administration (NEA) has laid out its plan to develop the nation’s energy sector during the five-year 2016 to 2020 period.
Some 700 billion yuan will go towards wind farms, 500 billion to hydro power with tidal and geothermal getting the rest, the NDRC said, according to Reuters.
If geothermal would receive half of the amount set out for tidal and geothermal power, then up to $90 billion could be earmarked for geothermal development in the country.
This is clearly a promising sign for some dramatic development, but we will have to see how this materialises. With high temperature resources mostly located in Tibet, far away from the areas needing electricity the most, EGS has been described as a potential remedy and approach to tap into geothermal energy in China for electricity generation.
In the news though it is not talked about geothermal heating, which likely will also be part of the program.