China plans to spend $265 billion on renewable energy

China plans to invest 2 trillion yuan (US$260 billion) in renewable energy by 2020 to reduce its dependence on coal, a top energy planner said. Chen Deming, vice-chairman of the National Development and Reform Commission, said that China aims to use domestically made and designed equipment by then, which could cut prices for clean energy worldwide. Of the 1 trillion yuan (US$130 billion) slated for spending on pollution reduction and energy efficiency goals for 2010, 80% would come from companies and just 10% would be financed by the central government with local authorities and others making up the rest, he added. (September 5, 2007)