China plans spending US$294 billion on renewable energy

Will also be part of efforts to counter climate change.

China’s will be spending this massive amount equal to RMB1 trillion in the five years through 2015. It will also invest another US$375 billion in key energy saving and emission reducing projects.

China aims to have 100 GW of installed wind power capacity and 35 GW of solar power capacity by 201

The increased reliance on renewable sources of energy fits with efforts by China, the world’s biggest polluter, to help control the effects of pollution choking its major cities. China is also considering stricter controls on vehicle and industry pollution.

Xie Zhenhua, vice chairman of the National Development and Reform Commission, said China stands by its pledge to cut carbon emissions per unit of economic output by as much as 45% before 2020 from 2005 levels.