The world's largest producer of greenhouse gases could spend 2.37tn yuan on conservation projects over the next three years.
The Chinese government is weighing-up the possibility of spending 2.37 trillion yuan ($373 billion) on energy conservation and emission reduction projects until 2015, according a statement from the State Council. As well as reducing the amount of energy usage per unit of gross domestic product by 16% from 2010 levels, the govenment is looking to target energy savings equal to 670 million tons of standard coal equivalent energy.
According to Wei Wei, an analyst at West China Securities Co in Shanghai: “The environmental protection industry is one of the few areas that have good growth potential in China as the government is increasing investment.” The spending will be allocated for key energy-saving, emission reducing and recycling projects.
In 2005, China claimed it would cut the amount of carbon emissions per GDP unit by 40% by 2020 as it gradually introduced mechanisms for controlling total energy consumption.