China To Pump Hundreds Of Billions Into Clean Energy Development

July 21, 2010 / No Comments

China is reportedly budgeting almost $738 billion into clean energy development projects and into deployment. Set to be carried out over the span of the next ten years, China seems to have taken note of the fact that relying on fossil fuels is not the way to go riding into the future as a leader nation. With per capita emissions higher than of European countries like France, China’s massive focus on green energy is likely to have the country surge ahead of clean energy initiatives by even countries like the USA.

china clean energy China To Pump Hundreds Of Billions Into Clean Energy Development

Right now, China is surging ahead on the global scene – especially in the economic scenario. No longer a developing country, it is getting ready confidently own the title of ‘developed’ nation. China is, however, the biggest polluter globally and the investment of 5 trillion yuan ($738 billion)in producing clean energy is the natural step to take for a country of this size that is occupying a key position in the emerging economic scenario.

It is estimated that an approximate 500 billion to 600 billion yuan is required annually for China to develop energy-conservation and low-carbon technologies. Reports say that in the area of asset financing in clean energy technology, China received more in the second quarter than the amount that Europe and the US combined –  an amount of $11.5 billion.

For green enthusiasts and the world in general, this is a clear sign that China is determined to show its commitment to supporting the environment and be on the leading edge of pro-green initiatives. A successful implementation of the clean energy initiatives that this kind of a budget would bring could put China on a more sustainable energy model with considerable carbon reductions. Also, the country could be a model for other regions of the world to follow, which could stand to gain by developing their own energy market. The sheer magnitude of the amount that China is putting into clean market would serve to make countries sit up and take notice.

According to sources, China is already way ahead of the targets it had set for wind power generation, and is truly serious about the clean energy issue, and is determined to be a front runner in taking climate change seriously and possessing energy security.

(Via Treehugger)