Baoding Tianwei Baobian Electric Co. paced gains among Chinese renewable energy stocks after Premier Wen Jiabao said the government will boost use of clean energy.
Baoding Tianwei, which operates photovoltaic units, advanced 4.2 percent to 29.24 yuan as of 11:03 a.m. local time in Shanghai, set for the biggest gain since March 3. The Shanghai Composite Index fell 0.1 percent.
China will increase the consumption of non-fossil energy to 15 percent by 2020, Premier Wen said in a statement posted on the government’s Web site yesterday.
The target of cutting carbon dioxide emissions by between 40 percent and 45 percent by 2020 will be a mandatory indicator in medium- and long-term plans for economic and social development, said Wen.
The government faces an “arduous” task in ensuring energy supplies are adequate to sustain rapid economic expansion, according to the statement.
Haitong Food Group Co., which will be re-organized into an entity that produces solar panels, climbed 5.5 percent to 34.96 yuan. Shenzhen Topraysolar Co. added 2.5 percent to 25.10 yuan.
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