• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 4 hours One Last Warning For The U.S. Shale Patch
  • 9 hours Oil Slips Further From 2019 Highs On Trade Worries
  • 1 day Once Upon A Time... North Korea Abruptly Withdraws Staff From Liaison Office
  • 22 hours Modular Nuclear Reactors
  • 1 day Poll: Will Renewables Save the World?
  • 8 hours Climate change's fingerprints are on U.S. Midwest floods
  • 2 days Chile Tests Floating Solar Farm
  • 7 hours Telsa Sales in Europe
  • 7 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 8 hours Read: OPEC THREATENED TO KILL US SHALE
  • 4 hours The Political Debacle: Brexit delayed
  • 3 days China's Expansion: Italy Leads Europe Into China’s Embrace
  • 2 days New Rebate For EVs in Canada
Are Commodities In Crisis?

Are Commodities In Crisis?

From copper to coal and…

Oilfield Services Might Not Fully Recover Till 2025

Oilfield Services Might Not Fully Recover Till 2025

The global oilfield service sector’s…

China Pledge to Invest $27 Billion in Renewable Energy in 2012

In 2011 global carbon dioxide emissions rose to the highest level ever recorded. The increase was mainly driven by the world’s largest emitter of CO2, China, who experienced their own record increase of emissions due to the high use of coal. According to the IEA, the 9.3 percent that Chinese emissions increased by, offset the decreased emission levels achieved in the United States and Europe.

In an attempt to reduce their carbon emissions and promote energy conservation, China has pledged to invest $27 billion in renewable energy projects throughout 2012.

China already has invested huge amounts of capital in hydroelectricity projects, off shore wind farms, and solar power; in which the governments support has famously reduced the prices of Chinese solar cells to incredibly low levels. The Finance Ministry has said that some of the $27 billion will be used to promote energy saving products, develop more solar and wind installations, and perform more research into hybrid cars.

The IEA’s report, released on Thursday, noted that whilst China’s carbon emissions are at their highest ever level, that the CO2 emissions per unit of GDP has fallen by 15 percent between 2005 and 2011. Aware of its current high greenhouse gas levels, China has also set itself the target of reducing its carbon emissions by 40-45 percent by 2020, and hopes that the $27 billion investment will help it to boost the contribution that renewable energies make to their overall electricity consumed by 15%.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News