China’s Ministry of Finance announces CNY 4.71 billion budget for 2023 renewable power subsidies

China’s Ministry of Finance issued the ” Notice of the Ministry of Finance on the Subsidy Budget for the Renewable Energy Electricity Prices in 2023″. According to the document, wind power will receive CNY 2.046 billion, photovoltaic CNY 2.58 billion, and biomass CNY 84.25 million.

In total, the subsidy budget amounts to CNY 4.71 billion (USD 660 million). The subsidies are distributed by grid companies to eligible renewable power generation projects via a feed in tariff mechanism.


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