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China to spend $669 billion on energy projects

Staff writer |
China will spend 1.8 trillion yuan ($294 billion) on developing renewable energy through 2015. The country is also planning to invest $375 billion on major energy-saving and emissions-reduction projects.

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Xie Zhenhua, vice director of the National Development and Reform Commission told a conference in Beijing just this July 30, write China Economic Net. The vice director of N.D.R.C. also said that the government plans to expand a carbon trading pilot program to more cities starting from 2015, hoping it will creating a national market.

China already announced its plans to support new energy and renewable energy throughout 2013 by developing hydropower, wind power, and distributed photovoltaic power generation: 21 gigawatts of hydroelectric generation capacity, 18 GW of wind power, and 10 GW of solar power.

The country's National Energy Administration said that it plans to promote solar, geothermal, and biomass for heating and officials want to put into practice before the 2014. They want to replace more than 50 million tons of coal equivalent with renewable energy by 2015, more than previously planned 30 million tons.

Because of the thick smog that has affected even the amount of light that some cities receive, China created stringent measures to combat this issue.

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