China has announced plans to offer major new subsidies for solar power generation, a sector it intends to grow at a rate of 1 GW annually after 2012. According to the Chinese Finance Ministry, the national government will create 13 renewable energy industry zones and provide a 50 percent subsidy for critical equipment installed in pilot solar energy projects.

 

All told, and in concert with other measures, China expects to increase its installed capacity of solar generation from 2,000 megawatts by 2011 and to 20,000 megawatts by 2020. Chinese officials previously said they want at least 15 percent of the nation’s power to come from renewable sources by then.