New Chinese Law Requires Purchase of Renewable Energy

China on Saturday adopted a law requiring the purchase of all renewable energy generated in the country, according to numerous reports. 

The new law amends a 2006 renewable energy law. State-owned electric companies now must purchase all electricity made available by projects like wind farms and solar power plants, regardless of the costs involved. Failure to do so will result in fines up to twice the amount of the loss sustained by the renewable energy operators.

Coal currently accounts for 70% of China’s total energy use, the Wall Street Journal reported. China aims to increase its percentage of renewable energy to 15% by 2020, up from 9% last year.

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