China to Invest $739 Billion in Newly Developing Energy Industries
The China Securities Journal reported today that China is close to unveiling a plan to invest nearly 5 trillion yuan ($739 billion) in newly developing energy industries between now and 2020. This investment would boost the development of the solar, wind, nuclear, and biomass energy industries in China. It would also be used to pursue clean coal, smart grid, and new energy sources for automobiles. Having already been approved by the National Development and Reform Commission, the plan will soon be submitted to the State Council for final approval.
Within the last year, China surpassed the United States as the world's largest energy user, according to the International Energy Agency, but it has lately been seeking ways to reduce its energy consumption. By 2010, the country plans to use 20% less energy per unit of economic output than it did in 2006. At the end of 2009, China was approaching this goal, having reduced its energy consumption by 15.69%.