Beijing sets aside funds for conservation

Beijing has set aside US$770 million for energy conservation projects to be launched before the end of 2007, state media reported. Xie Zhenhua, vice minister of the National Development and Reform
Commission (NDRC), said at the China Energy Saving and Emission
Reduction Forum that the money will be used for 10 specific conservation projects, including projects to develop petroleum substitutes and green lighting technology. An additional US$270 million has been set aside to compensate companies and local governments for pollution-reduction measures. A Beijing spokesman said the central government hopes this last-minute effort will help China come closer to its goal of reducing energy consumption per unit of GDP by 20% by 2010. The decrease was only 1.33% in 2006, falling short of its one-year reduction goal of 4%.