BEIJING, Nov. 30 (UPI) -- China plans to enshrine an energy conservation fund in the draft of its Energy Conservation Law, the Xinhua news agency reported Thursday.
Li Mingzhi, an official with the Financial and Economic Committee of the National People's Congress who is in charge of drafting the amendment, said the money will be used to finance energy conservation technology research, education and training, and for energy conservation projects, Xinhua reported.
China's Energy Conservation Law took effect in 1998 and Beijing began amending the law in March. Li said the law's fourth draft is being discussed.
"The draft will cover energy conservation evaluation and examination system, standards and certification as well as the management of major energy consuming enterprises," Xinhua reported. "Firms that cannot abide by the new energy efficiency standards will be punished."
The amendment will include sectors such as transportation, construction and public institutions while the original law only focused on the industrial sector, Xinhua quoted Li as saying.