China to spend 5 trillion yuan on new energy in next decade

16:03, March 16, 2011      

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An estimated 5 trillion yuan will flood into China's new energy industry, including the nuclear energy, in the next 10 years, according to a report by Economic Information, a newspaper under the national Xinhua news agency on Wednesday.

A text of the roadmap for the new energy sector has been submitted to the State Council after being approved by the National Development and Reform Commission, according to the report.

The strategy will be focused on seven areas, including wind power, solar power, nuclear power, biomass, hydropower, clean coal and smart grid. Indigenous innovation and integration of imported technologies will be integrated for the development of new energy in china.

The promotion of new energy will be approached in two ways. On one hand, the use of more clean energy will contribute to cut carbon emission. On the other hand, non-fossil energy, such as hydropower and nuclear power, will have faster development.

The plan aims to achieve 290 million kilowatts of new energy installed capacity by 2020, which is 17 percent of the total in the country. Specifically, the installed capacity of nuclear power will reach 70 million kilowatts, while there will be nearly 150 million kilowatts of wind power, 20 million kilowatts of solar power and 30 million kilowatts of biomass power.

The implementation of the plan could reduce China's reliance on coal to a large extent by 2010, reducing sulfur dioxide emissions by about 7.8 million tons of and carbon dioxide emissions by 120 million tons.

It is also expected that about 5 trillion yuan of direct investment will pour into the new energy industry, which would bring 1.5 trillion yuan of output and 15 million jobs.

Industry insiders believe the government would provide financial and fiscal support to encourage enterprises to undertake technical innovation. For example, new energy products will enjoy more opportunities in winning bidding for government procurement projects. A national full-fledged financial framework, which would integrate bank loans, funds, the stock market and corporate bonds, is also likely to be developed.

By Li Jia, People's Daily Online
 
 
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(Editor:张洪宇)

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