China's $440 Bn Stimulus For Green Energy

China is planning a stimulus package of $440 billion (three trillion yuan) on expanding using renewable energy, state media said in a report Monday, as the highly energy-hungry coal-dependent country seeks to rely more on cleaner energy solutions to power its growth.

An official said the government solicited views from local economic planning agencies and relevant companies about the draft plan, that would more than treble a goal of 30 gigawatts announced in 2007 in a renewable energy development plan to touch over 100 gigawatts by 2020.

Zhou Xi'an, of the State Energy Administration, said last week that China, which now depended on coal for nearly 70 percent of its total energy consumption, aimed to increase the share of renewable energy, excluding hydropower, to six percent of its overall energy use by 2020, from the current 1.5 percent.

He said the new plan that would partly focus on wind power would be submitted to the State Council, or Cabinet.

The move on the latest stimulus plan came after China announced measures to support autos, petrochemicals and eight other sectors as part of a $584-billion package unveiled in November to tackle the financial crisis.

One of the world's largest greenhouse gas-emitters alongside the United States, China has also set a goal to cut energy consumption per unit of gross domestic product by 20 percent and pollution by 10 percent by next year from the 2005 levels.