China is to allocate funds to promote energy saving and emission reductions in road and waterway transport in the next five years, according to a document jointly released by the Ministry of Finance and the Ministry of Transport. The money will be made available to public institutions and companies that carry out such work.

The document did not say how much money would be allocated for the scheme, but institutions would be eligible to receive up to Rmb10m for their energy-saving and emission-reduction efforts.

Individual organisations will be awarded Rmb600 for each tonne of the equivalent of coal they save each year, the document said. Those using alternative fuels will be awarded up to Rmb2,000 for each ton of standard oil they substituted.