China legislators seen mulling renewables fund

BEIJING, CHINA - China's legislators are discussing a new fund to develop renewable energy technologies, Xinhua news agency reported.

A draft amendment to China's Renewable Energy Law has been submitted to the National People's Congress and if passed, will set up a new fund financed in part by surcharges levied on renewable energy prices, the report said.

At current rates, income from the surcharges will reach 4.5 billion yuan (US$658.8 million) this year, Xinhua said.

The fund will be used to support scientific and technological research and will also finance rural renewable energy projects and independent power systems in remote or island regions.

China plans to raise renewable energy to 15 percent of total energy consumption by 2020.