The Chinese government has announced it will invest US$3 billion in the development of biofuels over the next ten years.
The government’s plan calls for 23% of the country to be covered by forests within the next decade — a 3% increase from the current level. These forests will combat climate change by absorbing carbon dioxide. Similarly they will provide biomass material for biodiesel and ethanol.
China is one of the world’s fastest growing economies, likewise, it is one of the world’s fastest growing emitters of greenhouse gases.
Currently the country relies on coal to supply two-thirds of its energy. Increasing pressure from across the globe has pushed China to shift its energy policy. As a result, it has become a leader in cleantech development; last year China was the number one country for cleantech and renewable energy investment.
Read the full story at The Economic Times: China to spend $3B on alternative energy, trees
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