Chinese gov’t to spend 78% more on energy efficiency, emission reduction

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 of Finance said Monday.

Total expenditure would rise to 41.8 billion yuan (5.89 billion U.S. dollars) from 23.5 billion yuan last year, the ministry said in a statement on its website.
The ministry would earmark 27 billion yuan of special funds and the remaining 14.8 billion yuan would come from the National Development and Reform Commission (NDRC), the country’s top economic planner, it said.

Out of the 27 billion yuan, 7.5 billion would be invested in ten energy-saving programs, including technological transformationin factories, substitutes for oil and the introduction of energy-efficient light bulbs.

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

Xinhua