China Energy Investment Corporation (CEIC) and China Reform Holdings Corporation have set up a $1.55 billion (10.02 billion yuan) fund to invest in clean and renewable energy projects. …
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. Partners of the new fund include CEIC’s subsidiaries Shenhua Energy Company Limited and Guohua Energy Investment Company Limited, as well as China Reform Assets Management Company Limited and Orient Asset Management. Further, 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. In 2020 alone, China installed 71.67 GW of new wind power capacity and 48.2 GW of solar power.