China in multi-billion dollar campaign to promote renewable energy

China intends to spend some US$27 billion to advance solar power, wind power and develop hybrid technologies. It aims to boost its use of renewable energy to 15% of overall energy consumption.

The amount will also go to promoting energy conservation, reducing emission and cutting carbon emissions. The Ministry of Finance said it wants to promote energy saving products and accelerate the development of hybrid cars.

In the long term, China plans to cut its greenhouse gas emissions by 40% to 45% by 2020, compared with 2003 levels. China is the world's biggest emitter of carbon dioxide.

A report by the International Energy Agency (IEA) said China in 2011caused an increase in global carbon emissions to their highest ever recorded level.

China’s CO2 emissions per unit of GDP (or its carbon intensity), however, fell by 15% between 2005 and 2011. The IEA said this may mean that China was finding less carbon-consuming ways to fuel growth.