China increase renewable capacity to 2.3 billion kilowatts

China has installed a total of 2.3billion kilowatts in the first 10 months of this year, reported state news agency Xinhua as the country reports an ease on the energy crisis.

The state news agency cited the National Energy Administration (NEA) who reported that the installed wind power capacity has increased by 30.4 percent year on year, giving 300 million kilowatts more. Meanwhile the solar power capacity increased by 23.78 percent producing 280 million kilowatts more.

China, which is a major fossil fuel consumer, said it will reach carbon neutrality by 2060.

Earlier in November, the People's Bank of China said in a statement that the entity will provide low-cost loans for those financial institutions through a carbon reduction supporting tool, with a one year lending rate of 1.75 percent. The bank said that it will guide those institutes to loan to firms in key carbon-reduction fields.

China also plans to put in place a US $31.32 billion( 200 billion yuan ) targeted relending program to support the clean and efficient use of coal.