China earmarks increased $27bn for energy initiatives

China is increasing its budget for promotion of renewables and energy-saving technology by more than a quarter as it seeks to achieve long-term targets on emissions reductions.

The government will spend 170bn yuan ($27bn) in 2012 on backing energy conservation, emissions reductions and renewable energy – 26% more than last year – according to a Ministry of Finance statement.

The ministry lists eight main areas of focus in a government plan for cutting energy use, including promotion of renewable energy and expanding the development of large-scale PV power plants.

It also wants to boost energy-efficiency technology, support environmentally-friendly manufacturing, and encourage the use of electric and hybrid cars.

China sees energy conservation as a way to promote stable economic Log in to read complete article.

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