China to spend $925 million on clean energy
20 September 2007
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China will this year launch a fund with 7 billion yuan ($925 million) to spend on energy-saving projects such as efficient lightbulbs as it seeks to curb soaring demand for power, Chinese media reported.
The cash is part of a scheme unveiled by the country’s top economic planner to tackle pollution and energy problems, which Beijing fears may fuel domestic unrest or international tension.
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If the country did not speed up efforts, it would miss ambitious targets for reducing energy intensity — the amount of energy used to earn each dollar of national income — Ma said when he unveiled 10 measures to save energy and cut pollution.
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China is poised to overtake the United States as the world’s top emitter of carbon dioxide, but has resisted calls for emissions caps, saying its efficiency targets help cut emissions without denting growth.
Another 2.5 billion yuan ($330.4 million) fund will pay for biogas units in China’s countryside, which create gas from human and animal waste, cutting use of coal or wood — a key concern in areas plagued by deforestation.
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China said energy intensity fell 2.78 percent in the first half of this year from a year earlier, picking up pace from 2006.
But analysts said the fall was insufficient to enable China to achieve its goal of cutting intensity by an average of 4 percent a year through the end of the decade.
Energy efficiency in the coal, chemical, steel, textile and power sectors improved in the first six months of this year while efficiency in petrochemical and non-ferrous metals industries deteriorated.
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