China Puts $85 Billion Into Energy

From The Guardian:

China will spend 580bn yuan (£59.5bn) expanding its energy sector in 2009 with plans for new solar and wind-powered generating capacity, but also nuclear and coal-fired plants.

State-owned power companies were stepping up investment to meet growing demand and boost economic growth as part of a government stimulus plan, said Zhang Guobao, director of China's National Energy Administration. He also called on ministers to ensure there were appropriate measures to raise and save energy as well as using it more efficiently.

China is heavily dependent on cheap coal to generate much of its electricity but is on a drive to cut carbon and other pollution in its smog-filled cities by going at least partly green. Statistics show it consumed 2.74bn tonnes of coal in 2008, up 4.5% on the previous year, but the rate of growth was 1.6% lower than in 2007....MORE