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China on track to spend US $817 billion in environmental protection

Date
14 March 2014
China on track to spend US $817 billion in environmental protection

Beijing: China is expected to invest more than 5 trillion yuan (US $817 billion) in environmental protection during the 12th Five-year Plan period (2011-2015), an environmental protection official said on Saturday.

The investment will come from government, financial institutions and enterprises and also include social capital, said Wu Xiaoqing, vice minister of environmental protection, on the sidelines of the ongoing annual session of the National People's Congress, China's top legislature.

China has been increasing its spending on environmental protection steadily, with an investment of 602.6 billion yuan (US $97 billion) in 2011, 825.3 billion yuan (US $134 billion) in 2012 and an estimated sum of 1 trillion yuan (US $162 billion)in 2013, he said.

The government's investment in this area will increase substantially in 2014 with the introduction of a water pollution prevention and control action plan this year, according to Wu.

China released an air pollution prevention and control action plan in September 2013, which will be backed by 1.7 trillion yuan in investment, he said.

This story originally appeared on cleanbiz.asia 

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