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China targeted to spend $1 trillion annually on renewable energy
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Electric bikes are very popular in China already
The Chinese government is spearheading Chinese innovation and participation in the green renewable energy sector. The reason for the drive to participate and even dominate this sector is very likely a combination of altruistic measures and the race for world dominance financially.
With the upcoming climate meeting in Copenhagen in December, there is clearly perceived global interest in halting the rapid increase in global warming, and cleaning up the international environment.
China has long been known as leading the world in pollution. From the rivers to the industrial complexes, pollution is rampant in China. Clearly leading the race to dominate green technology is in their own best interest both fiscally as well as altruistically. The popular perception of China is also important to the Chinese government.
According to the China Greentech Report 2009, a huge lengthy document published recently by a group of Western businesses, the Chinese market for clean technology is poised to grow $500 billion to $1 trillion annually.
And like everything else in China, the government is throwing in enormous funds, incentives and regulations. The government of China is very business savvy, and if there are vast sums of money to be made in this industry, they want to be a dominant part of it.
China has set a target of using renewable resources to meet 40 percent of its energy needs by 2050.
They are now installing a "one-megawatt wind turbine every hour." Their installed wind power capacity has doubled each of the past four years, and is likely to exceed a 2020 target next year, a decade ahead of schedule. In fact, there are so many wind turbines going up in China everyday that, as in the U.S., their energy grid cannot yet utilize all the energy that is being produced, so much is being wasted. But there is a mandate in place that power companies buy up renewable energy, so the competition is fierce to get those wind turbines up as quickly as possible, as the national grid plays catch up with the production.
China also has a target to have one million electric cars by 2012, so BYD Auto and Qingyuan (both Chinese automobile companies) are competing to get an all-electric car on the market this winter. China's largest automaker, Shanghai Automotive Industry Corporation Group, also has plans to begin manufacturing its own brand of fuel-saving cars in 2010.
Chongqing Chang'an Automobile Group is creating a new manufacturing base which will produce 300,000 alternative energy cars after 2012.
If all the auto companies reach their targets for production and marketing, their output very well might exceed China's target of 1 million green cars by 2012.
Perhaps the U.S. would do well to emulate some of the Chinese policies and get those wind turbines and solar farms in motion now. If we are creating the massive amounts of energy we have the capability to produce, our infrastructure would have to spend some time and funds on catching up.
The green movement is not a fantasy - it's a reality. Regardless of the motivation to participate, if the U.S. wants to remain a world power, we mustact like a world power and participate on a global scale to be able to participate financially in this segment of the economy.
China is already grabbing the lion's share of a wind turbine project in Texas where they will be providing all the wind turbines for the site on U.S. soil.
Resource: China focuses on renewable energy
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