China’s investment in renewable energy nosedived by 39% in the first half of 2019 compared with the same period last year as the government’s plans to phase out set prices for electricity in favor of market-based systems spooked plant developers, said Caixin.
The country saw $28.8 billion invested in new solar and wind projects in the first six months of 2019 in what marks the lowest half-year figure in China in six years, according to BloombergNEF, Bloomberg’s renewables research arm. China’s reduced contribution brought down global investment to $117.6 billion, down 14% from a year earlier.
Renewables nevertheless continued to play a bigger role in the country’s energy mix in the same period, with wind turbines generating 6.6% more utilized electricity than in the first half of 2018, and solar generating 11.2% more in the same period, according to data released by the National Bureau of Statistics. Wind contributed 11.2% of China’s power in that time and solar contributed 5.6%, according to Caixin’s calculations.