Can you imagine if the U.S. posted that type of initiative? Hey! You in the back that still believes the U.S. is the smartest country in the world, sit down. China’s economy isn’t the only thing roaring to life. Their renewable energy initiatives are quickly eclipsing anything close to what the U.S. is considering and American companies are eager to partner up and get a piece of the action. Sadly, if the U.S. does eventually wake up, most suppliers will probably be tied up in China! From the article,
“Beijing wants a tenth of its energy to come from environmentally friendly sources by 2010 – a desire driven by soaring air pollution and chronic environmental degradation that is swelling medical bills and provoking discontent.
Projects will need turbines, blades and other power components, which is why General Electric Co, Vestas Wind Systems and Gamesa, as well as homegrown firms China Solar Energy Holdings Ltd. and Suntech, are expanding capacity in the country. “Renewable energy will likely become China’s next boom sector with oil at historical high prices,” said Norman Ho, a fund manager at Value Partners, which has invested in Chinese wind energy components supplier Nanjing Gearbox.”
Wind developers in all areas from manufacturing to design have got to be especially pleased; the compound annual growth rate of China’s wind power capacity will be 39% in 2004-10 and 20% in 2010-20! Hit the jump for more!