Report says energy spending could hit $5.7 trillion
China could invest as much as $5.7 trillion by 2035 to find, produce and save energy, accounting for 15 percent of global spending in the sector, according to a report.
The International Energy Agency said China will invest $1.6 trillion in energy efficiency by 2035, accounting for about one-fifth of the global total.
Fatih Birol, chief economist of the Paris-based IEA, told a workshop on the report in Beijing on Thursday that China has made “outstanding efforts” to increase energy efficiency and reduce coal use to meet global climate targets.
Birol said that transportation will be the largest target for China’s investment in energy efficiency, accounting for about 71 percent of the $1.6 trillion, followed by industry and the building sector. (Photo 1)