China to Invest $372B to Save Energy and Pollution

CHINA is planning to spend $372 billion on energy efficiency, energy conservation and anti-pollution measures over the next three and a half years.

Reuters revealed that China's State Council said in a report that the investment would get the nation halfway towards its target of reducing energy intensity by 16 percent below 2010 levels by 2015 and reduce coal consumption by 300 million tonnes. The measures are part of the countries 12th five-year plan.

In addition to this target, China aims to cut its CO2 emissions per unit of GDP by 40-45 percent from 2005 levels by 2020.

$155 billion will be invested in projects to reduce energy consumption, particularly through improved energy efficiency and renewables, with a large portion of the investment focussed on industry. Over the next five years the plan is to cut energy use per unit of production by 25 percent for steel producers, 8 percent for coal-fired power plants and 3 percent for cement production.

The further investment is needed as China’s greenhouse gas emissions have continued to rise despite some quite hard measures and serious investment over the past few years. A recent report revealed China's carbon output made up 29 percent of the worlds total CO2 emissions, growing by 800 million tonnes to 9.7 billion last year.

Picture: Asia's largest wind farm - Xinjiang China by 林 慕尧 / Chris Lim from East Coast (东海岸), Singapore (新加坡) (Windmills in China?{D70 series}) [CC-BY-SA-2.0], via Wikimedia Commons

Thursday 23rd August 2012

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