Beijing. The first phase of state-owned China National Offshore Oil Corporation's (CNOOC) (Beijing, China) offshore windfarm in Bohai Bay is under construction. When completed in 2020, it will be one of the world's largest windfarms and will generate about 1,000 megawatts. CNOOC unveiled plans for the project in 2007, taking advantage of China's Renewable Energy Law in a bid to conserve energy and develop renewable energy technology.
CNOOC has also pledged about $2.2 billion to develop a renewable energy industry base in Tianjin, which is in northeast China. The base will be devoted to renewable projects and a research and development center.
In 2005, China passed the Renewable Energy Law, which serves as protection for producers and encourages the development of renewable energy facilities, providing outlets for companies involved in other areas of industry, such as oil and gas, to invest in sustainable forms of energy. Incentives for investing include feed-in tariffs that cover the additional costs of purchasing renewable energy, which is slightly more expensive than fossil fuel-derived electricity. Last December, China approved amendments that are set to streamline the incentives and encourage more involvement in renewable energy.
China has vast potential for wind power. By the end of 2009, China had an installed wind-generated power capacity of about 20 gigawatts (GW), and the country hopes to reach 30 GW by 2020. The potential for onshore windfarms is estimated to be as high as 250 GW, while offshore wind development is believed to be able to produce three times that. About 15 companies that specialize in building wind turbines, as well as several well-known foreign manufacturers, are looking to develop domestic windfarms in China.
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