China to offer subsidy to Diesel car buyers
While the world at large is reeling under heavy costs of fuel and quickly turning to diesel powered vehicles, situation in China cannot be the…
In order to run, these factories had a simple solution, buying diesel generators. There were so many of them who were not able to meet CO2 norms, that today there is a tremendous short supply of diesel. Apart from this, diesel vehicles are also banned on plying in certain areas of the city during peak hours, cause they pollute more. This has pushed people away from buying diesel cars.
In order to encourage people to buy diesel cars, The China Association of Automakers has revealed that Government of China including NDRC and Ministry of Finance are planning on offering subsidies upto 5000 RMB ($787) for every diesel car purchased. So much so that various Chinese companies like Sinopec and CNPC along with Chinese fuel providers are doing all they can to help improve the quality of diesel for passenger cars.
By year 2020, 30% of all cars manufactured in China will be diesel powered but will be very low on fuel emissions to keep to strict standards prevalent in the country. This will lead to 4.2 million tons of CO2 being reduced in the atmosphere while 28 million barrels of oil will be saved per annum thereby reducing China’s dependence on foreign imports to the tune of 11.3%.