More Investments in Renewables in China Than in US and Europe Combined

[jpak]

http://cleantechnica.com/2010/07/24/more-investments-in-renewables-in-china-than-in-us-and-europe-combined/

China attracted more asset financing in clean-energy technology in the second quarter than Europe and the U.S. combined, according to Bloomberg New Energy Finance. A clever piece of legislation created the renewable energy bonanza.


Six months ago, China made it the law that all utilities have to buy any renewable power put on the grid or they get fined. Since then private investment in renewable sources in the country has surged past US and EU levels. Investors are betting on China.

In the second quarter, outside financing of wind turbines, solar panels and low-carbon technology in China soared 72% to $11.5 billion.

China’s renewable sector accounted for one third of renewable investment for the period for the entire world, which totaled $33.9 billion, including all share sales, venture capital, private equity and asset finance.

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in other news: the GOP seeks to further weaken incentives for renewables - the same shit they've handed us for the last 40 years...

yup

[diane in sf]

1. China needs badly to do this--they are suffocating from burning coal for power.

If they can get enough cheap power hopefully they can run their burgeoning numbers of autos with plug-in power. Whatever potential competition problems we may have with them, they are 1/5 the population of earth and I'd like to see them bypass a lot of our carbon based technology to help save the earth from being cooked.