China to invest $360 billion in renewable power in 2016-2020

Officials say that the investment will create over 13 million jobs in the sector

China will invest 2.5 trillion yuan ($361 billion) in renewable power generation between 2016 and 2020, the National Energy Administration (NEA) said on Thursday, as the world's largest energy market pushes to shift away from coal power.

The investment will create over 13 million jobs in the sector, the NEA said in a blueprint document that lays out its plan to develop the nation's energy sector in a five-year period.

The NEA repeated its goal to have 580 million tonnes of coal equivalent of renewable energy consumption by 2020, accounting for 15 percent of overall energy consumption.

Installed renewable power capacity including wind, hydro, solar and nuclear power will contribute to about half of new electricity generation capacity by 2020, the NEA said.