China to Spend $27 Billion on Renewable Energy & Energy Efficiency This Year

Just confirming the easy bet Goldman Sachs is putting on cleantech (which I just wrote about), China is reportedly going to spend $27 billion this year alone on cleantech (energy efficiency and conservation, clean energy, and emissions reductions).

“The country’s finance ministry said it wants to promote energy-saving products, solar and wind power and accelerate the development of renewable energy and hybrid cars,” the Guardian reports.

Of course, this comes on the heels of a report by the International Energy Agency (IEA) showing that China’s rapid growth was a key factor in bringing annual CO2 emissions up to a record and very concerning level in 2011, despite carbon emissions reductions in the US and EU. Nonetheless, as noted there, China’s carbon intensity has actually dropped 15% (from 2005 to 2011) due to its tremendous cleantech investments.

“In the long term, China is targeting to cut its greenhouse gas emissions by 40-45% by 2020, compared with 2003 levels and aims to boost its use of renewable energy to 15% of overall energy consumption,” the Guardian piece adds.

Images: Chinese Yuan & plant and Hong Kong via Shutterstock