London, November 16: China is on target to either meet or go beyond its ambitious renewable energy goals.

According to Eric Martinot, the author of a Worldwatch institute study, this would still not be enough to reduce the country's carbon dioxide emissions.

This year China is expected to invest more than 10 billion dollars in an additional renewable power capacity venture, making it the second highest investor after Germany.

In September 2007, Chinese officials announced strategies to double the ratio of renewables in its overall energy mix- from eight percent in 2006 to 15 percent by 2020.

The report which was released on Wednesday, envisaged China's renewable capacity will exceed by three times by 2020.

"The targets are very realistic or even conservative based on what they have done thus far on the future of renewables in China, " said Martinot.

This year China will invest in wind, solar, hydropower, biomass, and biofuel.

Martinot said that the more China spends on oil, the more it will invest in renewables In March 2007, the European Union which gets seven percent of its energy from renewables has set target of an increased 13 percent in renewables' energy usage by 2020.

The International Energy Agency (IEA) which is leading a drive for the use of clean renewable energy, says investing in renewable sources of energy is not enough to curtail carbon dioxide emissions in both developed and developing countries.

Concerned about environmental issues such as these IEA's chief economist Fatih Birol said "If we do not change our current policies, we could end up with a 6 °C increase in our planet's temperature by the end of the century. "

That report concludes that "exceptionally quick and vigorous policy action" and "unprecedented technological advances" will need to be made by all countries, not just China and India, if carbon dioxide emissions are to be reduced in any meaningful way. (ANI)