China: huge investment in 'green' projects

China will invest more than 2 trillion yuan ($316 billion) in promoting energy-saving and low-carbon projects during the 12th Five-Year Plan period (2011-15). The country has set a goal of reducing its energy intensity by 16 percent and carbon intensity by 17 percent during the same period. The government will allocate targets of energy-saving and carbon-reduction to regions and key industries after considering regional disparities in resources, development level and industrial structure, China Daily quoted Xie Zhenhua, Vice-Minister of the National Development and Reform Commission as saying. Meanwhile, the country will step up efforts in eliminating outdated capacity in energy-guzzling industries, including electricity, iron and steel, electrolytic aluminum and cement, while it will further boost the service industry and strategic emerging industries. The strategic industries include alternative energy, biotechnology, new-generation information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars and energy-saving and environmentally friendly technologies.