China Plans to spend 5 Trillion Yuan on CLean Energy Projects This Decade

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China may spend about 5 trillion yuan ($738 billion) in the next decade developing cleaner sources of energy to reduce emissions from burning oil and coal.

The government will submit plans to develop cleaner energy, including nuclear power and gas from unconventional sources, in 2011 to 2020 to the State Council, or Cabinet, for approval, Jiang Bing, head of the National Energy Administration’s planning and development department, said in Beijing today.

China needs between 500 billion and 600 billion yuan annually to develop energy-conservation and low-carbon technologies, according to the government’s 2050 China Energy and CO2 Emissions Report published last year. The country attracted $11.5 billion of asset financing in clean-energy technology in the second quarter, more than Europe and the U.S. combined

* may install a record 18 gigawatts of wind-power capacity in 2010

* Coal-fired power plants accounted for about 75 percent of the nation’s electricity generating capacity last year.
* Coal will meet 63 percent of the nation’s overall (not just electricity) energy needs by 2015, down from 70 percent last year
* The country’s nuclear power generating capacity may reach 39 gigawatts by 2015, while its hydropower capacity may rise to 250 gigawatts

* The share of natural gas in China’s energy supply may increase to more than 8 percent by 2015 from 3.9 percent current

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