China gears up to spend billions on renewable energy, efficiency

China’s total spending on developing renewable energy could total $294 billion (1.8 trillion yuan) through 2015, part of its efforts to fight climate change.

The country may also invest a separate $375.1 billion in energy-saving and emission-reduction projects during the period, Xie Zhenhua, vice director of the National Development and Reform Commission, told a conference in Beijing yesterday, according to Bloomberg News.

Xie also said the government will gradually expand a carbon trading pilot program to more cities starting from 2015, hoping to create a national market.

Seven cities and provinces, including Shanghai, were selected by the NDRC in late 2011 to set up regional carbon trading markets.

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