State-run China Energy Investment Corp (CEIC) and China Reform Holdings Corp have set up a 10.02 billion yuan ($1.55 billion) fund to invest in clean and renewable energy projects, the state assets regulator said on Friday, Trend reports with reference to Reuters.
Upon launch, the fund is expected to generate about 50 billion yuan worth of financing in projects using wind, solar and hydrogen and energy storage, the State-owned Assets Supervision and Administration Commission said.
China has pledged to cap its carbon emissions at peak levels in 2030 when its total wind and solar installed capacity is forecast to top 1.2 billion kilowatts.
Partners of the new fund include CEIC’s subsidiaries Shenhua Energy Co Ltd and Guohua Energy Investment Co Ltd, as well as China Reform Assets Management Co Ltd and Orient Asset Management.
In 2020 alone, China installed 71.67 gigawatts of new wind power capacity and 48.2 gigawatts of solar power.