China Invests in an Alternative Energy Future
Posted on: May 20th, 2008 | By Contrarian Profits | Filed under Featured, Financial News
China is already the world leader in producing solar cells – now it wants to make a grab other sectors of the alternative energy market.
“Prepare for the onslaught of relatively inexpensive Chinese turbines,” said Steve Sawyer, head of the Global Wind Energy Council, in Wired magazine.
In 2007, China became the world’s number one producer of photo-voltaic cells, holding 35% of the market. Sawyer reckons that China will make enough equipment to generate 10 gigawatts of power annually by 2010 — more than half the capacity that the whole world installed in 2007. More from that story:
China has three big reasons for jumping feetfirst into the carbon fight. Obviously, there’s the threat of climate change — flooding in China’s coastal cities, drought in the country’s interior. Second, there’s political instability: Air and water pollution is already a flash point for public protests. And then there’s the burgeoning export market for green products stamped made in china.
Will renovating the planet spur the first wave of homegrown Chinese tech innovation? Jeff Immelt, CEO of General Electric, thinks so. “China has as much or more at stake than anyone,” he said at a recent corporate summit. “Solar energy, carbon sequestration — we’re going to be blown away by China’s progress over the next couple of decades.” If only they could clean up Beijing’s air in time for the summer Olympics.
Jason Simpkins is bullish on nuclear power as a solution to the world’s energy needs. “If coal is the short-term solution to the world’s energy needs, uranium is the long-term play,” says Jason in Money Morning.
“That said, it’s also become clear that – with the enhancements to plant design and operation – commercial nuclear energy is the safest, cleanest, cheapest source of the massive amounts of electricity that will be needed to achieve three key objectives: 1) To fuel global growth; 2)To avoid a worldwide energy crisis; and 3) To battle the long-term environmental effects of global warming.”