(EnergyAsia, October 30, Friday) — Chinese legislators have proposed to amend the Renewable Energy Law of 2005 with the aim of establishing a new fund to support development of the sector.
Under the amendment awaiting approval from the National People’s Congress (NPC), the new fund would derive income from an existing special fund provided for under the current law and from income derived from surcharges on electricity prices generated from renewable energy sources.
Last year, income from such surcharges reached 4.5 billion yuan. (US$ =6.83 yuan).
Aside from supporting scientific and technology research, the fund will help pay for projects to develop renewable energy sources and construct renewable power plants in rural and remote areas.
China aims to generate 15% of its total power from renewable energy sources by 2020.