EU invest 10 Million Euros in Chinese Energy Efficiency Fund

THE European Commission (EC) announced today that it is going to invest €10 million into the Greenstar Energy Conservation and Emission Reduction Private Equity Fund, making it China’s first energy efficiency focused private equity fund.

The investment and further energy efficiency activity is much needed, as China’s great efforts towards reducing their CO2 emissions through energy efficiency is being dented, according to a new report.

Regarding the EC investment Gunther Oettinger, EU commissioner for energy, said at the EU-China Smart City Forum at the Shanghai World Expo, that the European Union is going to cooperate with China in the fields of renewable energy and energy efficiency.

China is one of the world' s leading countries, in terms of investment and action, in energy efficiency and renewable energy, but the energy efficiency sector is still evolving, said Oettinger.

The investment will be provided through the Global Energy Efficiency and Renewable Energy Efficiency Fund (GEEREF) and as stated is much needed.

China has been making tremendous advances in reducing their environmental impact, with ever stronger measures being implemented, as we reported last week.

A recent survey though has revealed an alarming problem for China, the great advances they have made in reducing CO2 emissions and becoming energy efficient across their industry and commerce sectors and through the closure of high polluting power stations, is being offset by China’s consumer boom.

The increasingly affluent society in the People’s Republic is placing an exploding demand on power with increasing energy wastage, denting the bold efforts of the Chinese government.

Greater investment and energy efficiency activity will help the country overcome the problems highlighted in this latest report.

Picture by Vera Buhl

Monday 5th July 2010

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