A recent Reuters article has been picked up by business and environmental publications worldwide – the headline read: “China to spend $372 billion on cutting energy use, pollution”. As discussed in previous blog posts here, China’s Twelfth Five-Year Plan includes a variety of measures to improve energy efficiency, including targets for cutting energy intensity below 2010 levels by 2015.
Now, in addition to the required cuts and energy-savings measures announced to implement the 12th 5-Year Plan, China has announced funds of $150 billion alone just for projects that would help cut energy use – much of it expected to impact the industrial sector. These funds could help industries like the Chinese steel sector meet requirements to reduce energy intensity.
All of these efforts are aimed at helping China not only reduce foreign fossil-fuel dependence, but also at reducing China’s greenhouse-gas emissions, which have ballooned to make it the globe’s biggest emitter.
China’s proposed investment in energy-saving measures will have a multitude of positive effects if implemented – from boosting the domestic market for energy efficiency services to improving efficiency and air pollution at outdated, coal-fired plants and factories.