China may spend about 5 trillion yuan ($738 billion) in the next decade developing cleaner sources of energy to reduce emissions from burning oil and coal, a government official said.
The government will submit plans to develop cleaner energy, including nuclear power and gas from unconventional sources, in 2011 to 2020 to the State Council, or Cabinet, for approval, Jiang Bing, head of the National Energy Administration's planning and development department, said in Beijing.
China needs between 500 billion and 600 billion yuan annually to develop energy-conservation and low-carbon technologies, according to the government's 2050 China Energy and CO2 Emissions Report published last year.
The country attracted $11.5 billion of asset financing in clean-energy technology in the second quarter, more than Europe and the US combined, Bloomberg New Energy Finance said on Jul 13.
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