On 26 February 2010, India outlined a proposal for a new INR 50 (US$1) tax on coal use to support a clean energy investment fund, and a plan to reduce carbon emissions from the power sector by 30% in 2022 by decommissioning inefficient power plants and investing in gas power and renewables. On 12 February 2010, South Korea also proposed a carbon tax on emitters to meet its greenhouse gas (GHG) emissions reduction target. Also, this month China said it would set aside US$12.2 billion to subsidize investment in clean power technology.