New sub­si­dies to de­velop China’s so­lar power in­dus­try

The Pak Banker - - International3 -

BEI­JING: Bei­jing is promis­ing new sub­si­dies to de­velop China's so­lar power in­dus­try - poli­cies al­ready un­der fire from the United States as a pos­si­ble trade vi­o­la­tion.

The Fi­nance Min­istry an­nounce­ment late Thurs­day came amid global talks in Can­cun, Mex­ico, on con­trol­ling out­put of gases blamed for chang­ing the cli­mate. China and the United States are the world's biggest green­house gas emit­ters. Bei­jing has re­jected bind­ing lim­its on emis­sions but is press­ing for devel­op­ment of so­lar and wind power in­dus­tries to re­duce re­liance on im­ported oil and gas and to profit from grow­ing global clean power de­mand.

Govern­ment plans call for at least 15 per­cent of China's power to come from re­new­able sources by 2020.

Bei­jing will cre­ate 13 in­dus­try zones and pay up to half the price of equip­ment in so­lar power projects, the Fi­nance Min­istry said. It said other costs will be cov­ered by a sub­sidy of 4 to 6 yuan (60 to 90 U.S. cents) per watt of gen­er­at­ing ca­pac­ity.

"China will in­vest more in con­struc­tion projects with so­lar power ap­pli­ca­tions," the min­istry said on its web­site.

En­vi­ron­men­tal­ists have wel­comed China's pro­mo­tion of clean power. But for­eign busi­ness and la­bor groups com­plain Bei­jing is vi­o­lat­ing free-trade com­mit­ments by giv­ing its man­u­fac­tur­ers im­proper sub­si­dies and ham­per­ing ac­cess to its large, fast-grow­ing mar­ket. -Ap

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