China To Provide $440bn Renewable Energy Stimulus Package

26 May 2009 (Last Updated May 26th, 2009 18:30)

The Chinese Government is to provide a $440bn stimulus package for improving renewable energy use in the country. China is a coal-dependent country, with nearly 70% of its total energy consumption depending on power generated from coal. The country aims to increase the share of re

The Chinese Government is to provide a $440bn stimulus package for improving renewable energy use in the country.

China is a coal-dependent country, with nearly 70% of its total energy consumption depending on power generated from coal.

The country aims to increase the share of renewable energy, excluding hydropower, from the current 1.5% to 6% of its overall energy use by 2020.

Zhou Xi'an of the State Energy Administration has reported that the new plan that will partly focus on wind power will be submitted to the state council or cabinet.

The new stimulus follows China's announcement that its measures to support autos, petrochemicals and eight other sectors as part of a $584bn package unveiled in November 2008 to tackle the financial crisis.

China aims to reduce energy consumption by 20% and pollution by 10% from 2005 levels by next year.

By staff writer.