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China Funding Aims to Spur Climate Technology Breakthroughs

In Technology
April 09, 2024

(Bloomberg) — China will offer projects funding of up to 100 million yuan ($13.8 million) in an effort to accelerate progress on emerging emissions reduction technologies, targeting sectors from steel to data centers.

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The program aims to support “construction of projects with leading technological levels” and “outstanding emission reduction effects,” the National Development and Reform Commission, China’s top economic planner, said Monday in a policy document.

Eligible projects will include work on large-scale carbon capture and on improving energy efficiency or carbon intensity of industries including petrochemicals, steel, data centers and construction. Advances in biomass and geothermal power are also included in the criteria.

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The program will cover initiatives focused on recycling or reuse of products including industrial waste, steel scrap and expired renewable energy equipment like solar panels or wind turbines. Funds will also be available for production of degradable plastics, or projects to use bamboo in packaging.

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