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US firms seek green opportunities
By Wang Xu (China Daily)
Updated: 2008-09-03 06:49
Bohigian is currently leading a clean energy and environment trade mission to China, as part of the two governments' efforts to strengthen bilateral cooperation in the field. The two nations signed a 10-year energy and environment cooperation framework during the fourth round of their Strategic Economic Dialogue this June. As part of the agreement, they pledged to expand cooperation over the next decade in areas such as clean electricity production and transmission, as well as efficient transportation. "The 10-year framework we put in place includes transportation technology, clean energy technology, clean water, clear air, and forestry and wetland protection," said Bohigian. "What we are doing now in the first year of the plan is to develop deeper relations and really build the trust that will make sure we meet our goals, such as China's five-year plan." China, now the world's second largest energy user, plans to significantly enhance its use of renewable energy in the coming years, as it tries to reduce its dependence on oil. Meanwhile, it is also introducing new laws and regulations to increase energy efficiency and tackle pollution.
The nation will spend a total of 2 trillion yuan ($293 billion) to ensure that renewable energy accounts for 15 percent of its total energy use in 2020, compared with less than 10 percent at the moment. The government said earlier that it would spend 1.4 trillion yuan from 2006 to 2010 on environmental protection. According to the US government, the clean technology market in China will amount to $186 billion in 2010 and $555 billion in 2020. The Chinese government's policies, such as targets for renewable energy use and the newly passed circular economy law, will create new business opportunities for US firms, said Bohigian. China passed its circular economy law on Aug 29, which is aimed at boosting sustainable development through energy saving and the reduction of harmful emissions. When the law comes into force on Jan 1, industrial enterprises will be required to adopt water-saving technologies, strengthen management, and install water-saving equipment in new buildings and projects. The new law will boost the development of China's clean technology sector, something that overseas clean technology companies hope to cash in on. Bohigain said US companies with clean coal and carbon capture technologies are better positioned to succeed in China, as the nation currently uses highly polluting fuel to satisfy around 70 percent of its energy needs. Meanwhile, renewable energies such as solar and wind power also have great market potential in the nation. A total of 19 companies ranging from startups to industrial giants such as GE Energy were on the mission, the third of its kind since 2007. After their stop in Beijing, the mission will also visit provinces including Guangdong and Shandong. This is the first time environmental protection technology firms have taken part in the mission led by Bohigian, which used to be comprised mainly of renewable energy companies. (China Daily 09/03/2008 page2) (For more biz stories, please visit Industries)
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