China $375 billion conservation and pollution investment

Fayen Wong and Ruby Lian wrote for Reuters 30 July 2013, China to invest $375 billion on energy conservation, pollution: paper,

China plans to invest 2.3 trillion yuan ($375 billion) in energy saving and emission-reduction projects in the five years through 2015 to clean up its environment, the China Daily newspaper reported on Wednesday, citing a senior government official.

The plan, which has been approved by the State Council, is on top of a 1.85 trillion yuan investment in the renewable energy sector, underscoring the government’s concerns about addressing a key source of social discontent.

China has set a target of reducing its carbon emissions per unit of GDP by 40-45 percent by 2020 from the 2005 level, and raising non-fossil energy consumption to 15 percent of its energy mix, Xie Zhenhua, deputy director of the National Development and Reform Commission (NDRC), was quoted as saying.

The article continues about tiered power pricing for energy intensive industries and carbon trading markets.

Given that most of the world’s increase in energy usage comes from one country, China, according to OECD figures, anything China can do to slow that increase is good.