In a major boost for renewable energy, the People’s Bank of China (PBOC) has announced that it will increase financial support for wind and solar power development to meet carbon emissions targets. Citing the cash crunch that is currently hindering renewable energy companies, new favorable financing measures will include preferential subsidies for promising wind and solar companies, increased credit and loan support, and arrangements with financial institutions for loan extensions, refinancing for adjustments in cases where solid clean energy companies are having difficulty with short-term repayments, Reuters reported . Part of the end game is to increase international investment in China’s clean energy companies, and the PBOC’s latest announcement seems set on making these investments more attractive. According to a Wood Mackenzie report , China will need to invest $6.4 trillion in new power generation capacity to reach its 2060 carbon-neutral goal. Additionally, it will need to achieve a […]