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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.

hong kong china

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

 
 
 
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Written By

Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.

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