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China aims high in renewable energy

864580_wind_energy.jpgCHINA WATCH China plans to spend around $265bn – 2 trillion yuan – on renewable energy by 2020, in a bid to reduce its dependence on coal.

And it hopes that much of this will come from the market, rather than the state, according to a top energy planner.

“We expect the majority of the funds to come from companies,” [Chen Deming, vice-chairman of the National Development and Reform Commission] said when asked about the 2 trillion yuan forecast. The cash would help China meet its target to boost the portion of its energy that comes from renewable sources to 15 percent by 2020, up from 7.5 percent in 2005, as it wrestles with the legacy of decades of promoting growth at any cost.

That from Reuters, which has much more detail here.

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