China cuts subsidies of renewable energy

China cuts subsidies of renewable energy

China’s Ministry of Finance has announced that the country will cut subsidies on renewable energy to 5.67 billion yuan ($ 806.50 million) in 2020 compared to 8.1 billion yuan in 2019. The state will soon stop funding major solar power plants!

In 2020, subsidies will be allocated to wind farms and solar projects aimed at alleviating poverty in eleven districts across the country, the ministry said.

The total solar power generated in 2019 fell to 25 GW compared to 41 GW last year, due to lowering subsidies for core solar projects.

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Aasem Abuzeid is the Director for MENA Region. Aasem acts as a leading marketer in the Arabic speaking countries. He is also the administrator and developer of NBN.Media.