'China climate goal to cost $30 bn a year'
China will need to invest up to $30 billion a year to meet its goal of curbing greenhouse gas emissions, the state press said today, citing an academic study.world Updated: Dec 04, 2009 16:14 IST
China will need to invest up to $30 billion a year to meet its goal of curbing greenhouse gas emissions, the state press said today, citing an academic study.
The figure was contained in a report by the People's University, according to the China Daily.
The newspaper also cited a separate media report saying Chinese households $64 a year more in fees and taxes to help the nation fulfill its goal of slowing growth in emissions.
Beijing said last week that by 2020 it would curb emissions per unit of gross domestic product by between 40 and 45 per cent compared to 2005 levels -- in essence, a massive energy-efficiency drive.
That means China will slow growth in its fast-rising emissions, but not reduce them.
Beijing set its targets before world leaders gather in Copenhagen this month for talks on negotiating a new global warming pact to replace the Kyoto Protocol that expires in 2012.
The People's University figure compares with an International Energy Agency estimate that China will need to invest $400 billion in the energy sector over the next decade to reach the goal.