By Bloomberg News
Nov. 25 (Bloomberg) -- China, the world’s largest emitter of greenhouse gases, plans to more than double its spending on environmental protection in the five years through 2015, the Shanghai Securities News reported.
The Asian nation may invest 3.1 trillion yuan ($454 billion) during the period, compared with 1.4 trillion yuan allocated for the five years between 2006 and 2010, the Chinese-language newspaper said today, citing an unidentified official from the Ministry of Environmental Protection.
China, pressed by the U.S. to set emission targets for the Copenhagen global-warming summit next month, said in September it will lower emissions per unit of economic growth through 2020. Greenhouse gases increased to record concentrations last year, the United Nations said yesterday.
“The doubling of the budget is beyond our expectations,” Yan Biao, an analyst with Century Securities Co. said by phone from the southern city of Shenzhen. “The increase in spending will benefit equipment manufacturers in water treatment, air pollution control, and also developers in the renewable energy sector.”
Tao Detian, Beijing-based spokesman at the Ministry of Environmental Protection, didn’t pick up calls made to his office today.
Solar Plants
The so-called output value of the environmental-protection industry may have an annual increase of between 15 percent and 20 percent, the Shanghai Securities said. The government is studying tax incentives for the sector, according to the report.
Beijing plans to build a 70 megawatt solar-power plant as part of the city’s focus on expanding the use of alternative energy, the capital’s Development and Reform Commission said Nov. 20. The government will also develop wind, nuclear and geothermal power, according to the commission.
China National Offshore Oil Corp., the nation’s third largest oil producer, may build a network of battery-charging stations for electric cars in China, the world’s second-biggest automobile market, Shan Lianwen, director of corporate strategy at China National Offshore said on Nov. 3.
The Asian nation has supported automakers’ investments in alternative-energy vehicles to curb oil imports, cut pollution and to help carmakers challenge General Motors Co. and Toyota Motor Corp. overseas.
Chery Automobile Co., China’s largest maker of own-brand cars, will start selling its first plug-in electric model around June next year.
To contact the reporter on this story: Ying Wang in Beijing at ywang30@bloomberg.net
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