renewable energy credits market
Renewable Energy Industries in Asia Don’t Need to Worry
The Asian Development Bank has said expansion in solar energy generation is crucial if the region is to continue to grow economically, while reducing greenhouse gas emissions. At the opening of the third meeting of the Asian Solar energy Forum in Bangkok, the Asia Development Bank’s Vice President Xiaoyu Zhao said that the region must change course from its high-growth high-carbon emission growth path toward sustainable, low carbon growth. At present, the ADB is helping to finance two photovoltaic power plants in Thailand, which are expected to together generate 108 megawatts later this year. The ADB places renewable energy as one of its highest priorities and invested $1.8 billion in clean energy in 2010. From 2013 it aims to invest $2 billion per year in renewable energy projects. Last month, the ADB announced that it will provide up to $150 million in credit guarantees to support the development of the Indian solar industry, and make $1.25 million available for solar training.
Despite climate change sceptics, Asia is embracing environmentally-friendly technologies. In fact, growth in environmental technology sector well on its way to meet the ADB’s Asia Solar Energy Initiative target of 3,000 MW of solar power capacity by mid-2013. According to the IMF, Asia’s population is expected to grow at more than double the rate of Europe and the US in the next five years, during which time the region’s economy should grow four times more quickly than Europe’s. Consequently, energy demand is expected to double by 2030.
Companies in Asia benefit from legislation and subsidies aimed at curbing air and river pollution caused by rapid growth in the manufacturing and energy industries. Bloomberg New Energy Finance, a London-based research company, reported a record $243 billion in global investments in low-carbon technology last year. For instance, investment in low-carbon energy in China expanded 30 percent to $51.1 billion in 2010 in response to government incentives and cheap debt. In India, low-carbon power investment rose to $4.1 billion in 2010 from $3.2 billion a year earlier.
China’s five biggest state-run power firms are reportedly trying to gain ground on the renewable energy market, troubled by large debts and high fuel prices. In a recent report of China’s renewable energy industry, state-run power utility China Guodian Corp plans to spend US$3 billion on wind, biomass and hydropower projects in the municipality of Chongqing through 2015, as well as positive response from large firms (both overseas investors and domestic) in the sector.
Petroleum consumption and high fuel costs are also a significant concern across the Asian region. In an attempt to fight this and improve emissions, legislation is being passed throughout Asia mandating ethanol use for combustion engines. As the automotive industry catches up, it is likely that we will see more cars that run on up to E90. Countries including the Philippines and Thailand lead the region with current E10-E20 mandates. These mandates are expected to increase in the coming years, while more the more significant population of India is expected to significantly decrease its oil consumption and stimulate agriculture through their own increase ethanol mandates.
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Southeast Asian Ethanol is a private group that is dedicated to supporting the development of localized sugar cane based ethanol production throughout the Asian Region.
What does this mean? (from McCain’s Energy Plan)?
To develop these and other sources of renewable energy will require that we rationalize the current patchwork of temporary tax credits that provide commercial feasibility. John McCain believes in an even-handed system of tax credits that will remain in place until the market transforms sufficiently to the point where renewable energy no longer merits the taxpayers’ dollars.
What it means is that he wants to estabish a tax system rather than all the patches that are constantly being used. You have to have a known budget to determine how to attack new expenditures. Not just promising tax cuts for everyone. Know how much you have and make decisions and budget accordingly.
Marc Faber – The Future of Alternative Energy
