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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (4446)	7/14/2006 6:59:33 PM
From: Wharf Rat	Read Replies (2) \| Respond to of 24210

Cashing in on China's renewable energy boom Fri Jul 14, 2006 3:11am ET HONG KONG (Reuters) - China is set to spend $200 billion on renewable energy over the next 15 years, and industry players are racing to grab a slice of the action. That kind of money would buy you an oil firm the size of Chevron and leave change to fund the current renewables programs of all Europe's top oil firms for 25 years. So from the arid plains of Xinjiang to the rolling hills of sub-tropical Guangdong, Chinese and foreign firms are erecting 40-storey wind turbines, installing solar panels, and conducting tests on corn for biofuel. 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. "China needs energy to support its GDP growth." Crude hit a record above $78 a barrel on Friday. Continued... today.reuters.com < Previous 1 \| 2 \| 3 \| 4 Next >