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The country plans to spend around one-tenth of its 2009 GDP in the next decade or so to develop renewable energy and cut greenhouse gas emissions, the top economic planner revealed recently. "Overall, around 2 trillion yuan (US$265 billion) of investment is needed to meet the renewable energy target by 2020," the National Development and Reform Commission (NDRC) said in a statement. China generates much less greenhouse gases than developed countries, but treats the issue seriously and spares no effort to cut carbon dioxide emissions by enhancing energy efficiency and developing renewable energy.
For example, the municipal government of Beijing has put a large number of hybrid buses into commercial operation. Many of them are produced by Beiqi Foton Motor. These hybrid buses are powered by two kinds of fuel. One is diesel-fuel, the other is electricity. The city of Guangzhou also put many LPG buses into commercial operation recently. The first batch of 110 LPG inner-city buses had already handed over to Guangzhou No.2 Public Transport Co., Ltd on November 28, 2009. Nearly 400 LPG inner-city buses will be launched before the 2010 Guangzhou Asian Games. All of these buses are manufactured by Xiamen Kinglong United Automotive Industry Co., Ltd.
Analysts say most of the 2 trillion yuan investment by 2020 will come from the market, with only a small proportion from the government. Chinese government will adopt measures to guide and encourage the development of renewable energy and come up with various taxation and fiscal incentives, including subsidies and tax breaks.