The Ministry of Finance announced the budget in late March. China's 2008 energy efficiency and greenhouse gas reduction investment budget plan will reach 41.8 billion yuan ($5.89 billion), an increase of 78% over 2007.
Although China does not assume the obligations of the Kyoto Protocol, China still sets a target of 10% reduction in emissions by 2010 compared to 2006, and will reduce energy consumption by 20% per 10,000 yuan of GDP during this period.
The 7.5 billion yuan environmental fund will be used in 10 energy-saving projects, including technical renovation of certain plants, replacement of oil with other types of fuels that may be used, and replacement of old lighting equipment with energy-efficient lighting.
China will invest 4 billion yuan to shut down inefficient coal-fired power plants and steel smelters, and 5 billion yuan to improve water quality safety standards for major rivers and lakes.
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