China plans USD 440 billion stimulus for green energy
Thursday, 28 May 2009
steelguru.com
Etaiwannews reported that China is planning a stimulus package worth 440 billion dollars to expand its renewable energy use, as the country aims to rely more on cleaner ways to power its growth.
The Beijing Morning Post citing Mr Liang Zhipeng a State Energy Administration official said the CNY 3 trillion investments will see part of the focus on wind power. He said that the government has collected opinions from local economic planning agencies and relevant companies about a draft plan.
According to the report under the plan, China's wind power capacity will reach over 100 gigawatts by 2020, more than triple a goal of 30 gigawatts announced in 2007 in a renewable energy development plan.
Mr Zhou Xi'an a director general at the State Energy Administration, said last week China aimed to boost the share of renewable energy, excluding hydro power, to 6% of its overall energy use by 2020, from the current 1.5%. He said the new plan would be submitted to the State Council, or Cabinet, for approval with a result expected soon.
The news about the latest stimulus plan came after China announced measures to support autos, petrochemicals and eight other sectors as part of a 584 billion dollar package unveiled in November to tackle the financial crisis.
One of the world's largest greenhouse gas emitters alongside the United States, China now depends on coal for nearly 70% of its total energy consumption.
The country has also set a goal to cut energy consumption per unit of gross domestic product by 20% and pollution by 10% by 2010 from levels in 2005. |
