China Spends Billion$ on Renewable Energy
Saturday, August 2nd, 2008
BBC Energy Science – China’s rapid investment in low carbon technologies has catapulted the nation up the global renewable energy rankings, a report shows. The Climate Group study said China invested $12bn (£6bn) in renewables during 2007, second only to Germany. …
The findings have been published as China faces criticism over its air quality ahead of the Beijing Olympic Games, which begin on 8 August. The report, China’s Clean Revolution, brings together the latest data on the country’s burgeoning renewables sector in one publication. Co-author Changhua Wu, The Climate Group’s China director, said the rapid rise in investment was, in part, the result of the government realising that the western model of industrialisation was unsustainable.
“China has been experiencing similar problems during its industrial revolution that western nations saw during their period of rapid growth - pollution, environmental damage and resource depletion,” she told BBC News. “Domestically, we are being constrained in many ways; we do not have that many natural resources anymore.” …
In order to meet its target of increasing the percentage of energy from low carbon technologies from 8% in 2006 to 15% by 2020, China is expected to invest an average of $33bn annually for the next 12 years. This was going to result in China becoming the leading investor by the end of 2009, Ms Wu forecast.
Figures within the report showed that China was already the leading producer in terms of installed renewable generation capacity. It has the world’s largest hydroelectricity capacity since the controversial Three Gorges project began producing electricity, and the fifth largest fleet of wind turbines on the planet. (08/02/08)
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