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China to ‘Step Up’ Investment in Climate-Change Fight

May 7 (Bloomberg) -- China will “step up” investment to provide technical support to combat climate change, Wan Gang, the science and technology minister, told the International Cooperative Conference on Green Economy and Climate Change.

The world’s most populous nation will also use price reforms to help conserve resources and cut carbon emissions per unit of gross domestic product by between 40 percent and 45 percent of 2005 levels by 2020, delegates were told at the start of the three-day conference in Beijing today.

“The Chinese government will take actions to reduce emissions and meet our targets,” said Zhang Guobao, head of the National Energy Administration.

China, the world’s fastest-growing major economy, used 3.2 percent more energy per unit of gross domestic product in the first quarter, adding to pressure to cut consumption for the rest of 2010, Premier Wen Jiabao said May 6.

“Rapid growth” in industries including power generation, steel, nonferrous metals, construction materials, petroleum and chemicals increased China’s consumption of energy, according to a statement published on the Ministry of Industry and Information Technology’s Web site.

Zhang said the country would “openly welcome” foreign renewable energy companies to invest.

To contact the reporter on this story: Henry Sanderson in Beijing at hsanderson@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.

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