China to step up financial support for wind and solar power

China Power Equipment

25/03/2021 09:18

SHANGHAI, March 25 (Reuters) - China said on Thursday it
will step up financial support for the development of wind and
solar power generation, as part of its efforts to meet its
target for carbon emissions cuts. 
    China would step up financial support to promote the healthy
and orderly development of wind and solar power industries, as
some renewable energy companies had encountered difficulties in
production and operations due to tight cash conditions, the
People's Bank of China (PBOC) said in a statement on Thursday. 
    President Xi Jinping last year targeted a steeper cut in
rates of carbon emissions relative to economic activity by 2030
and set new goals for growth in renewable energy as the country
looks to reach the peak of its emissions before the end of the
decade.  urn:newsml:reuters.com:*:nL1N2IS0GN
    In early March, China set a modest five-year growth target
for nuclear power generation capacity and promised quicker
development of alternative energy sources, but left its coal
industry largely untouched.  urn:newsml:reuters.com:*:nL2N2L3062 
    For promising renewable companies facing short-term
repayment pressure, financial institutions could make
arrangements including loan extensions, refinancing or
adjustments of the schedule and terms of loan repayments, PBOC
said on Thursday. 
    China will preferentially give subsidies to wind and solar
power companies, and further step up credit and loan support,
the PBOC said. 

 (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Kim
Coghill)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))