China to invest trillions to cope with climate change

China's investment in renewable energy during the 12th Five-Year-Plan period (2011-15) will reach 1.8 trillion yuan ($294 billion) in addition to 2.3 trillion yuan on energy-saving and emission reduction, aiming at realizing its commitment to cope with climate change, a senior official said on Tuesday in Beijing.

“China has carried out a series of policies to cope with climate change and we have achieved some success after several years' efforts,” said Xie Zhenhua, deputy director of the National Development and Reform Commission, during the Caring for Climate China Summit held by the Global Compact Network China.

From 2006 to 2012, China's energy consumption for unit GDP has reduced by 23.6 percent, which equals a reduction of 1.8 billion metric tons of carbon emissions, according to Xie.

However, he admitted China's economic development that depends heavily on high energy consumption and produces high emissions has not changed yet, and that the country's emission per capita is higher than the global average.

China has made a commitment to the international community that it will reduce its carbon emissions per unit GDP to 45 percent by 2020 - a reduction of 40 percent from the 2005 level - and raise its non-fossil energy consumption to 15 percent of the primary energy mix.

“China will continue to make great efforts to reduce emissions, improve air quality and accelerate sustainable economic development,” Xie said. “In each Five-Year Plan, we have outlined the specific energy-saving and emission reduction targets.”