Economic Rules Hub
  • World
  • Politics
  • Business
  • Investing
Home Investing China Approves 11 Nuclear Reactors in US$31 Billion Green Energy Investment
Investing

China Approves 11 Nuclear Reactors in US$31 Billion Green Energy Investment

by admin August 21, 2024
August 21, 2024

In a move to boost its nuclear energy capacity, China’s State Council has approved the construction of 11 new nuclear reactors across five provinces, with a total estimated investment of US$31 billion.

Bloomberg reported on Monday (August 19) that the reactors are set to be completed in five years, and will be built across sites in Jiangsu, Shandong, Guangdong, Zhejiang and Guangxi. China National Nuclear (CNNC) and China General Nuclear Power Group (CGN), both state-owned entities, will oversee the majority of these projects.

The reactors are part of China’s broader strategy to double its nuclear energy production by 2035.

Two of CNNC’s reactors will be Hualong One models, as will six belonging to CGN. These reactors rely almost entirely on domestically produced components, reflecting China’s ongoing emphasis on technological self-sufficiency.

CNNC will also construct a high-temperature gas-cooled reactor, a fourth-generation design that enhances safety features while generating both heat and electricity. In total, CNNC has been approved for three reactors, while CGN has been approved for six. A third company, State Power Investment, has been approved for two reactors.

The approval of these projects aligns with the Asian powerhouse’s broader commitment to diversifying its energy mix. Currently nuclear power accounts for 5 percent of the country’s electricity generation. China has a long-term plan to increase this to 10 percent by 2035, alongside a massive expansion in renewable energy projects such as wind and solar.

According to a report from think tank Global Energy Monitor, China is responsible for nearly two-thirds of the global wind and solar projects currently under construction. The country is also adding 339 gigawatts of new utility-scale wind and solar capacity, which is more than eight times the project pipeline in the US, the second largest market for renewables.

This rapid growth in renewable energy has already begun to shift China’s energy landscape. In May, 44 percent of its electricity generation came from non-fossil fuel sources, including solar, wind, nuclear and hydropower. Coal’s share of electricity generation fell to 53 percent, a record low, down from 60 percent in the same period the previous year.

The rise in renewable energy has also led to a decline in China’s CO2 emissions. Data from the China Electricity Council and analysis by the Asia Society Policy Institute suggests its emissions from the power sector may have peaked in 2023.

Reuters reported last month that the country’s solar power generation rose 78 percent year-on-year in May, while wind power saw a more modest 5 percent increase. Overall, the increase in renewable energy capacity has contributed to a 3.6 percent decline in emissions from the power sector, even with higher total electricity demand.

As further developments in China’s renewable energy infrastructure continue, the nation’s trend toward falling emissions is expected to increase as projects reach completion.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterPinterestEmail
previous post
How Will the US Election Affect the Crypto Industry? (Updated 2024)
next post
Multiple 20m Intercepts with +1.2% to 1.7% Cu from In-Fill Drilling Nueva Sabana Oxide Deposit, Cuba

Related Posts

Torex Gold Moves Beyond Single-Asset Status With Reyna Silver Takeover

July 11, 2025

Stallion Uranium Provides Update on Technology Data Acquisition Agreement

July 11, 2025

Maritime Resources: A Low-risk Path to Gold Production in One...

July 11, 2025

Ekin Ober on Why AI Could Be Mining’s Most Valuable...

July 11, 2025

EVs Now Emit 73 percent Less Than Gasoline Cars Over...

July 11, 2025

Trump Tariffs to Raise US Medical Device Costs, Hospitals Hold...

July 11, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Critics slam Mexico’s gentrification protests as xenophobic. Activists say they’re fighting for their human rights

      July 11, 2025
    • Trump’s nominee to lead US Office of Special Counsel refutes antisemitic claims and ties to Holocaust denier

      July 11, 2025
    • Comer dismisses Biden doctor’s bid for pause in cover-up probe: ‘Throwing out every excuse’

      July 11, 2025
    • Hegseth tears up red tape, orders Pentagon to begin drone surge at Trump’s command

      July 11, 2025
    • SCOOP: Sen Ron Johnson readies subpoenas for FBI, DOJ in Butler shooting probe

      July 11, 2025

    Categories

    • Business (1,446)
    • Investing (3,641)
    • Politics (4,865)
    • World (4,720)
    • Email Whitelisting
    • Terms and Conditions
    • Privacy Policy
    • Contacts
    • About us

    Disclaimer: EconomicRulesHub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 EconomicRulesHub.com | All Rights Reserved

    Economic Rules Hub
    • World
    • Politics
    • Business
    • Investing