China to spend US$738b on clean energy Posted: 21 July 2010 2237 hrs

[CaPtAiN_pLaNeT]

China to spend US$738b on clean energy
Posted: 21 July 2010 2237 hrs

Channel NewsAsia - China to spend US$738b on clean energy - channelnewsasia.com


BEIJING : China has said it plans to invest 738 billion US dollars developing clean energy over the next decade, as part of efforts to reduce the nation's heavy reliance on coal and slash carbon emissions.

The five-trillion-yuan investment plan for 2011-2020 is ready for submission to the State Council, or Cabinet, for approval, a senior official at the National Energy Administration said Tuesday.

The money will be used to develop alternative energy such as nuclear power, wind and biomass, said Jiang Bing, head of the planning and development department, according to a transcript on the central government's website.

Funds will also be used to develop clean coal technology and upgrade existing power grids, he added.

"In 2020, China's over-dependence on coal will be greatly reduced" after the plan is implemented, he said.

Beijing announced ahead of climate talks in Copenhagen late last year that it would embark on a major energy efficiency drive to curb growth in its world-leading greenhouse gas emissions.

China now depends on coal for more than 70 percent of its energy needs.

It has set a target of generating 15 percent of its energy from renewable sources -- mainly wind and water -- by 2020 and cutting carbon dioxide emissions by up to 45 percent by then from the level in 2005.

Jiang said by 2015 the country was expected to cut its reliance on coal to around 63 percent of its energy needs and to boost its use of non-fossil fuels to 11 percent.

China invested 34.6 billion US dollars in clean energy in 2009, up more than 50 percent on the previous year -- making it the world's biggest investor in energy-efficient technology, the United Nations said in May.

 

[ramu]

That is about 20% China's GDP ... I think it should be millions and not billions.

 

[Hyde]

That is about 20% China's GDP ... I think it should be millions and not billions.

no it should be in billions, 738 million is nothing. 738 billion dollars seems more realistic and i take it as a credible news

 

[AZADPAKISTAN2009]

If it indeed 700 billion China will be 100% clean energy coutry ... light years ahead of world

 

[ramu]

no it should be in billions, 738 million is nothing. 738 billion dollars seems more realistic and i take it as a credible news

The total budget allocation of China per year is less than 500 Billion. How can allocation for clean energy be such a huge number. Zaki, I know these figures are for a decade but it still smells way too exaggerated.

 

[graphican]

That is about 20% China's GDP ... I think it should be millions and not billions.

Wise guy China invested 34.6 billion US dollars in clean energy in 2009 and you are suggesting the next major plannin for the future would be 738 Million? Phh... Give it a try, you will realize it is indeed the 738 Billions.

 

[CaPtAiN_pLaNeT]

That is about 20% China's GDP ... I think it should be millions and not billions.

This is nothing... obama also pledged during the time of election that he will invest $50 billion per year for the next 10 year to produce alternative clean energy and to reduce its reliance on foreign oil.

Do not know to what extant obama has fulfilled his pledged!!!

N remember 1 thing china already has 2.5 trillion dollar reserve and it likely to increase couple of fold in the next couple of years... so for 10 years its nothing.

 

[graphican]

The total budget allocation of China per year is less than 500 Billion. How can allocation for clean energy be such a huge number. Zaki, I know these figures are for a decade but it still smells way too exaggerated.

That is for 10 years plan starting from 2011-2020. 500 Billion X 10 = 5,000 Billions. Also keep in mind that every year China's over-all budget would increase from 500, reaching ~800 billion/year by 2020. Even if you ignore the annual increment, out 5000 Billions, if it invests 738 Billions on energy, that would be rational. Why is that hard to believe?

 

[Materialistic]

That is for 10 years plan starting from 2011-2020. 500 Billion X 10 = 5,000 Billions. Out 5000, if it invests 738 on energy, that would be rational. Why is that hard to believe?

Well said, that makes sense to me.

 

[Hyde]

If it indeed 700 billion China will be 100% clean energy coutry ... light years ahead of world

no it will not be a clean country even then. China's energy demands are too high. Their one province is like whole Pakistan. That will only contribute little towards the total generation capacity. Say 1 quarter will be coming from wind and solar power projects and remaining from Coal, nuclear, hydro and other alternative sources.

 

[kewell333]

The total budget allocation of China per year is less than 500 Billion. How can allocation for clean energy be such a huge number. Zaki, I know these figures are for a decade but it still smells way too exaggerated.

u are outdata. China government revenue in the first half of 2010 is 4335 billion Yuan，and total government revenue this year will exceed 9000 billion Yuan($1330 billion). This figure will be over $3000 billion by 2020 .

so 73.8 billion each year is reasonable, and it is the government planning. China's pollution problems more serious than United States, so China needs to spend more on clean energy.Since last year, China's investment in new energy has been no.1 of the world

 

[Brotherhood]

China develops 5-trillion-yuan alternative energy plan - People's Daily Online July 22, 2010

To promote the development of the emerging energy industries and meet the carbon emissions reduction targets of 2020, the National Energy Administration (NEA) has compiled a development plan for emerging energy industries from 2011 to 2020 that will require direct investments totaling 5 trillion yuan, according to the NEA on July 20.

Jiang Bing, director-general of the Policy Planning Department under the NEA, said that the plan has specified major policy measures for the development and utilization of nuclear, wind, solar, biomass, geothermal, unconventional natural gas and other new energies. The plan has also detailed the industrialized application of new clean coal, smart grid, distributed energy and alternative-fuel vehicle technologies.

According to initial calculations, the new plan will greatly ease China's excessive reliance on coal in 2020 and cut sulfur dioxide emissions by about 7.8 million tons and carbon dioxide emissions by about 1.2 billion tons in a year. Furthermore, this will contribute 1.5 trillion yuan in added-value per year and create 15 million job opportunities.

The key energy structural adjustment tasks during the 12th Five-Year Plan period include taking effective measures to increase energy efficiency, enhancing the utilization levels of traditional clean energy and expanding the utilization scales of natural gas and other clean energies. It also includes accelerating the construction of hydropower and nuclear power facilities.

The plan will support advances in renewable energy sources such as the conversion and utilization of wind, solar and biomass energy. It also includes comprehensively planning for the construction of major energy bases and cross-region energy transmission channels in order to optimize energy resource allocation.

The NEA estimated that China will consume 260 billion cubic meters of natural gas in 2015 and the proportion of gas in the country's total energy consumption will rise from the current figure of nearly 4 percent to over 8 percent. In addition, 250 million kilowatts of hydroelectricity and 39 million kilowatts of nuclear power will also be consumed in the same year, and their joint share in total primary energy consumption will rise from the current figure of around 7 percent to nearly 9 percent.

In addition, the joint share of wind-generated electricity, solar power, and biomass energy will rise from the current figure of nearly 1 percent to nearly 3 percent. The consumption of renewable energy, excluding hydro energy, will increase by nearly 2 percent with the figure standing at 110 million tons of standard coal, and the share of non-fossil energy in total primary energy consumption may reach 11 percent.

By People's Daily Online

 

[chauism]

China pledged to invest "738 billion US dollars developing clean energy over the next decade". 738 billion USD is the total amount in the next ten years. So each year, it only invest 73.8 billion which is very reasonable.

In China since there is no partisan politics and the leaders don't have to worry about election and reelection, they can have longer long term plans and implement those plans more efficiently and more swiftly.

 

[Justin Joseph]

The total budget allocation of China per year is less than 500 Billion. How can allocation for clean energy be such a huge number. Zaki, I know these figures are for a decade but it still smells way too exaggerated.

Brother,

Its possible, believe me if china is saying they can do it nothing is unbelievable in this news.

If you still don't belive me i will give a example India is spending USD 500 billion in building up its infrastructure in 11th five year plan between 2007-08 and 2011-12.

If India can spend USD 500 billion on something in 5 years china with bigger economy can also spend it.

For more info please Google.

Thanks