A Chinese renewable energy official said today China will invest about 100 billion yuan ($14.6 billion) to boost its wind power capacity to 30,000 Megawatts from 12,000 MW it currently generates, Bloomberg reported.

The new target is far above what was expected. On May 4, the China Daily reported the nation wanted to increase its wind power capacity to 20,000 MW by 2010 as a step for reaching a goal of 100,000 MW by the year 2020.

Wind power is vital for China because it is the cheapest form of renewable energy, said Shi Lishan the deputy director of renewable energy at the National Energy Administration, according to Bloomberg.

China occupies fourth place among the world's largest wind capacity producers during 2008, according to Lishan.

The country's largest source of energy is coal, representing 80 percent of power generation.

China Renewable energy