Aug. 14 (Bloomberg) -- The Asian Development Bank is helping China to trap and bury carbon-dioxide emissions as the nation seeks to meet growing power demand without adding to pollution.
The ADB will work with China on the demonstration and deployment of so-called carbon capture and storage technology with a grant of $2.2 million, the Philippines-based bank said today in a statement on its website.
The world’s second-biggest economy is promoting low-carbon technologies to meet a target of cutting greenhouse-gas emissions by 17 percent per unit of gross domestic product in its five-year plan through 2015. Nations from the U.K. to Canada are promoting CCS because it gathers emissions from power generation and industry for storage underground, though no large-scale project at a fossil-fuel plant currently operates.
“There is an urgent need to fast-track the demonstration and deployment of carbon capture and storage in the People’s Republic of China to cut CO2 emissions from the energy and industrial sectors and achieve the country’s long-term climate change mitigation goals,” Annika Seiler, finance specialist for energy at ADB’s East Asia department, said in the statement.
Incomplete policy, low financial support and inadequate international funding are the main barriers to CCS in China, according to the ADB. A planned road map will help initiate at least two CCS demonstration projects by 2016, according to the statement. The ADB will help assemble a team of experts to advise the Chinese government on the plan.
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