EU invests in Chinese renewable energy market

05 Jul 2010
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China flags A multi-million euro investment is being made by the European Union (EU) to a Chinese fund to improve renewable energy use.

Guenther Oettinger, the EU energy commissioner, revealed that €10 million (£8.28 million) are being put into China GreenStar Resource Utilisation Investment Fund.

It is the first private equity fund in China that concentrates on the use of green energy, BusinessWeek reports.

China wants to cut its carbon emission levels by almost half over the next decade.

Mr Oettinger said that it is "one of the world's leading countries in terms of renewable energy investment".

It is also the greatest polluter.

The Netherlands Environmental Assessment Agency recently revealed figures, reported by the Guardian, to show that China and India sharply increased their carbon emissions last year.

Although rich countries cut their emissions by seven per cent, the activity from China and India meant that globally, emissions levels stayed steady.

It was the first time this had happened since 1992.
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