China Surges Past U.S. & Europe in Clean-energy
Posted: 14 Jul 2010 08:23 AM PDT
China attracted more asset financing in clean-energy technology in the second quarter than Europe and the U.S. combined, Bloomberg New Energy Finance said.
Financing of wind turbines, solar panels and low-carbon technology in China climbed 72 percent to $11.5 billion compared with the year-earlier quarter, Bloomberg New Energy Finance said in an e-mailed statement. U.S. investments in clean energy rose to $4.9 billion while in Europe it fell to $4.5 billion.
"China continues its extraordinary surge and Europe has suffered a setback according to our figures for asset finance in the second quarter," said Michael Liebreich, chief executive of New Energy Finance. "Where investors are placing their bets is changing rapidly."
China's $586 billion stimulus program, implemented last year and still being spent, and economic growth boosted industrial output and energy demand. The world's most populous nation installed 14 gigawatts of new wind power last year, more than any other country.
General Electric, in partnership with four prominent venture capital firms, announced a $200 million competition for clean-energy innovation funds on Tuesday.
The program, called the Ecomagnination Challenge, is aimed at fostering ideas that will help speed up the development of the so-called "smart grid" that is, what energy experts say is a much-needed digital upgrade to the nation's aging and largely analog electric system.
In announcing the program, G.E.'s chief executive, Jeff Immelt, said the company was hoping to make resources available to those with the most innovative ideas for improving energy creation and distribution in the United States and ultimately around the globe.
"We know how to make things, we know how to sell things, we know how to service things," Mr. Immelt said during a panel discussion in San Francisco on Tuesday morning. "We have a big brand, so let's go."
------------BayPoint Mike wrote:
Could it be that China has seen The Light? The Hot Bright sunlight of Global Warming? They are the Lighthouse that guides the future. About 2 Billion people in Central Asia, including many tens of millions between China and Russia will be out of irrigation and drinking water -well before the rest of the world, with India immediately following.
Perhaps, China prefers profits to Adaptation, like others are willng to try, maybe -or nothing.