China announces a massive drop in renewables subsidisation

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China’s Finance Minister has announced that subsidisation of renewable energy will be reduced by as much as a third in 2020, according to Reuters.

The 2019 budget of ¥8.1 billion ($805,6 million/€729.3 million) will be reduced to just ¥5.67 billion, with wind farms allocated a maximum of ¥2.97 million, and ¥73,39 million for biomass power generators. 

The subsidisation of onshore wind is expected to cease by 2021, with support for solar limited to distributed generation projects and schemes for poverty alleviation purposes.

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To date, the country has brought 16GW of solar photovoltaic capacity during the first two-thirds of 2019, a significant 45% less than over the same period in 2018.

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