Chinese Government Drafts Plan to Develop Carbon Capture Industry

China is drafting a development plan for the carbon capture, utilization and storage industry as the country takes steps to cut emissions, Minister of Science and Technology Wan Gang said.

The government plans to double its spending on projects capturing and storing carbon in the five years ending 2015 to 400 million yuan from the preceding five-year period, Wan told a conference in Beijing today.

The spending may attract 2.3 billion yuan of investments in the industry during that period, compared with the 1 billion yuan invested between 2006 and 2010, according to Wan.

Alstom SA, the third-largest maker of power equipment, and China Datang Corp. agreed to develop two trial projects to capture carbon dioxide from power plants and store it in China’s two biggest oilfields, the Levallois-Perret, France-based equipment company said yesterday.

China is willing to share its experience and expertise on carbon capture and storage with other developing nations, Wan said.

To contact the reporter on this story: Chua Baizhen in Beijing at bchua14@bloomberg.net

To contact the editor responsible for this story: Ryan Woo at rwoo5@bloomberg.net

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