China to invest in clean energy

With an increasing demand for clean energy, China will head more boldly into international energy exploration and co-operation projects to tap its abundant new and renewable energy resources. At the International Conference for the Development of Energy Efficiency, New and Renewable Energies, China announced 59 international co-operation projects involving new and renewable energy development, which include the use of solar energy and the exploitation of wind electricity power and terrestrial heat. Corrado Clini, director-general of the Global Environment Department with the Italian Ministry of Environment, said at the meeting that China has a huge market for new and renewable energy. It can expect broader international co-operation in the sector. China has adopted preferential policies to encourage the use of new and renewable energy through allowing tax cuts and low-interest loans. The country has set a goal to increase the use of clean energy to 2% of the country’s total energy consumption by 2015, which would be equal to some 43 million tons of coal a year from the present amount, equivalent to 3 million tons of coal. Sources with the meeting said that China’s exploration of new and renewable energy is still at a low level, which is an appealing investment area for foreign partners. China has placed solar power, wind electric power, and marine energy development on top of the list for inviting foreign capital. The World Bank and the Global Environment Facility have chosen China to pilot a renewable energy strategic partnership project. The Asia Development Bank has also extended loans for the use of biological and solar energy in China.

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