China will list the geothermal energy as renewable clean energy in the National 12th Five-Year Energy Plan (2011-2015), with a goal to supply heating to 350 million square meters in the next five years, which has an expected market size of around 70 billion yuan ($10.8 billion), Shanghai Securities News reported Thursday.

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Li Yuanpu, the managing director of the China Renewable Energy Society (CRES), said it is expected the utilization of geothermal energy will reach its peak during the next Five-Year Plan and related pumping facilities manufacturers, sales industries and service providers will also benefit from the development.

Guan Fengjun, the head of the Geological Environment Department at the Ministry of Land and Resources (MLR) said, "China has 12 major geothermal energy basins with energy reserves equal to 853 billion tons of the standard coal equivalent. Each year we can cut our carbon dioxide emissions by 1.3 billion tons."

In addition there are proved reserves in the earth that are 3,000 to 10,000 meters deep, which amounts to 860 trillion tons of the standard coal equivalent, 260, 000 times China’s annual energy consumption.”

MLR is set to initiate geothermal energy surveying, mapping and exploration projects during the 12th Five-Year Plan (2011-2015), he added.

In the meantime, the rapid development of geothermal energy will promote an overall upgrade of the energy industry and spur local governments to adopt policies favorable to clean energy providers, according to the Shanghai Securities News.