December 03, 2008

Chinese to spend 78% more on energy efficiency and emission reduction

It is reported that China ministry of finance said on March 24th that China's central government plans to increase spending on energy efficiency and greenhouse gas emission reduction schemes by 78 percent this year as part of a larger effort to meet its 2010 environmental targets.

The ministry said in a statement that total expenditure would rise to CNY41.8 billion from CNY 23.5 billion last year and has set a target of reducing energy consumption for every CNY 10,000 of GDP by 20% from 2006 to 2010, with discharges of key pollutants set to drop 10%.

It said the ministry would earmark CNY 27 billion of special funds and the remaining CNY 14.8 billion would come from the National Development and Reform Commission. Out of the CNY 27 billion, 7.5 billion would be invested in ten energy-saving programs, including technological transformation in factories, substitutes for oil and the introduction of energy-efficient light bulbs.

The ministry would spend CNY 4 billion in closing inefficient coal fired power units and outmoded steel plants, while CNY 5 billion would be used to tackle environmental issues in major rivers and lakes.