<p>China tripled investment in solar power projects in the first four months, putting the nation on track to install record amounts of new clean energy capacity.</p><p>Investment in solar was 29 billion yuan (HK$34.2 billion) from January through April, about 204 percent higher than in the same period a year earlier, according to a National Energy Administration statement.</p><p>That compares to 51.3 billion yuan invested in solar in the first 11 months of last year.</p><p>China, which already has the world's largest fleet of renewables, is rapidly accelerating investments in solar and wind projects as it aims to build a larger and more flexible grid to meet goals to peak carbon emissions before 2030 and zero them out by 2060 or earlier.</p><p>The nation is forecast to add a record 220 gigawatts of total power capacity this year, according to the NEA. Coal will continue to play a central role in the country's energy mix for years, and Beijing has expanded plans to adapt power plants using the fuel to act as backup to renewables.</p><p>Meanwhile, sales of green asset-backed securities, which package together assets that generate income, totaled 56.1 billion yuan in the first four months of 2022, according to data compiled by Bloomberg.</p><p>These securities can be considered green even if the funds raised aren't used for green projects, so long as the seller "operates in a green industry" or the underlying income stream comes from a green venture, according to the Shanghai Stock Exchange. That flexibility is making it a popular option for borrowers because, by contrast, bonds can only be classified as green if proceeds are used for green projects, said Gao Huike, a senior research director at CSCI Pengyuan Credit Rating.</p>
