FPL Group, Inc. plans to invest $2.4 billion aimed at increasing U.S. solar thermal energy output , reducing carbon dioxide emmissions

FPL Group, Inc., (NYSE: FPL) one of the country’s leading generators of renewable electric power, today announced a $2.4 billion investment program aimed at increasing U.S. solar thermal energy output and reducing carbon dioxide emissions that contribute to global warming.

FPL Group, and its subsidiaries Florida Power & Light and FPL Energy, announced the following three initiatives today:

• Investment of up to $1.5 billion in new solar thermal generating facilities in Florida and California over the next seven years, starting with a project at Florida Power & Light (FPL).
• Investment of up to $500 million by FPL to create a smart network that will provide its 4.5 million customers with enhanced energy management capabilities.
• The launch by FPL Energy of a new consumer education program and new products that could increase renewable energy resources by at least $400 million over the first five years of the program.

“These new investments, coupled with our recent announcement to invest an estimated $20 billion in new wind generation, demonstrate FPL Group’s continued commitment to improve the environment and reaffirm our leadership position among U.S. utilities to combat global warming,” said Lew Hay, chairman and CEO of FPL Group.

Former President Bill Clinton announced FPL Group’s new commitments at today’s session of the 2007 Clinton Global Initiative in New York City, an event that fosters shared commitment by individuals, businesses and governments to confront major world issues and achieve real change.

“We at FPL Group are proud of our leadership position in clean energy and are pleased to take yet another step towards helping to reduce greenhouse gas emissions,” said Hay. “We thank President Clinton for challenging leaders throughout the world to address energy and climate change issues, and we are pleased that we can respond to his call with action.

“We also are deeply honored that Florida Governor Charlie Crist joined us in person today to receive this recognition at the Clinton Global Initiative Forum. Gov. Crist is providing great leadership in our state in addressing climate change,” said Hay.

Florida Power & Light to build new solar thermal facility

One of the country’s largest electric utilities, FPL is planning to build 300 megawatts of solar generating capacity in Florida using Ausra, Inc.’s solar thermal technology. According to estimates, this new facility will avoid nearly 11 million tons of carbon dioxide emissions over a 20-year period. As a first step, FPL expects to construct a 10-megawatt project. Subject to Ausra meeting agreed-upon cost and technical specifications, as well as FPL gaining regulatory and related approvals, the utility will expand the project to a 300-megawatt facility.

Florida Power & Light to create smart network

In a second initiative, FPL said it plans to invest up to $500 million to install a smart network utilizing state-of-the-art technology in the 35 Florida counties it serves.

This new program will allow customers to view their energy consumption online every day. Real-time understanding of energy use means real-time opportunities to conserve. Smart meters installed at residences and businesses will offer customers the chance to cut power bills and lower electricity demand.

At the same time, FPL will be able to use this new smart network to develop better energy management programs. The combination of improved energy management and lower electricity demand from customers means that FPL will be able to reduce the volume of fossil fuels burned, thus cutting carbon dioxide emissions even more.

FPL Energy to launch renewable energy education and consumer participation program

In a third initiative, FPL Energy plans to launch a nationwide renewable energy program early next year that will allow residential and business customers to take an active role in reducing greenhouse gas emissions and developing new sources of renewable energy. This project is expected to generate revenues of about $400 million during its first five years of operation, and 100 percent of these revenues will be used to develop new capacity in renewable energy.

Under this program, consumers will be able to purchase products associated with Renewable Energy Credits (REC) generated by FPL Energy’s renewable energy facilities. By doing so, participants will be able to help offset their own carbon footprints.

The program will be supported by a national educational effort that will explain how our products work and how purchasing them will help reduce greenhouse gas emissions.

FPL Group building on clean energy leadership position

These new programs will build on FPL Group’s long-standing commitment to improve the environment, and represent important additions to the company’s clean energy portfolio.

FPL Group’s competitive energy supplier subsidiary, FPL Energy, has many years of experience in solar power. It owns and operates the world’s largest solar thermal fields, located in the Mojave Desert. FPL Energy also is the country’s largest generator of wind power, with 52 wind facilities in 16 states.

In July, FPL Energy made another major decision aimed at reducing greenhouse gases, unveiling a $20 billion plan to triple its nearly 4,500-megawatt wind generating capacity. The company expects to add between 8,000 and 10,000 megawatts of wind energy by the end of 2012.

FPL is also a leader in energy conservation and efficiency

Department of Energy data show that FPL is No. 1 in energy conservation programs among U.S. electric utilities and No. 4 in energy efficiency programs.

FPL Group’s 36,000-megawatt power generation fleet has one of the lowest carbon dioxide emission rates in the country. For example, if the rest of the electric utility industry were generating electricity with the same carbon dioxide emissions rate per megawatt hour as FPL Group, the U.S. would be able to meet its Kyoto target for total carbon emissions without any emissions reductions from other sectors.

FPL Group’s CEO Hay is a strong advocate for a mandatory, nationwide policy to place a price on greenhouse gases. He advocates a carbon fee, calling it the most efficient and effective manner to slow, stop and eventually reduce carbon emissions. A copy of FPL Group’s proposed carbon fee policy can be obtained on www.fplgroup.com.

Tags: carbon dioxide emissions, solar thermal energy, global warming, FPL Energy, Clinton Global Initiative Forum

Alternative energy and OLPC

I was really surprised to read this comment left by cjohnson, Wilkes-Barre, Pennsylvania, USA, on a post about One Laptop per child (OLPC) project. I am happy to see a fellow human see the value of clean energy in the same way as I do. Also chairmen of INTEL and Microsoft failed to see, beyond the profit mountains or greed!
OLPC will provide computing power to children in poor nations and is powered by a hand cranked dynamo. It has been a big interest of mine and I have joined the few developers that develop for OLPC.
There is a project underway that will allow one to buy one for you and donate one to a poor child, for $399. May be some thing to think about this Christmas time.
The comment!
"The energy sources they really need are distributed generation - photovoltaics, wind, small hydro, biogas, and self-powered products such as this computer. Not western-style centralized power grids run by corporate oligarchies. That is the old-fashioned, polluting, and wasteful way to generate electricity. Distributed generation has taken hold where the legislative climate has been favorable. It has not done so well in others (e.g. US, UK) where big businesses who own the coal mines, large power stations, and grids also seem to own the government. Centralized grids are not the 'free markets' that 'pro-business' politics works them up to be, distributed grids are."

The article "Cheap laptops: the new ethical gift" where the comment was left.

Tags: photovoltaics, wind, small hydro, biogas, OPLC, One Laptop per child

Project Open Hand get a hand from PG&E, with solar power donation

SAN FRANCISCO—Pacific Gas and Electric Company and Project Open Hand today celebrated the unveiling of the non-profit's new state of the art solar and solar thermal energy system. PG&E's Bill Morrow was joined by San Francisco Treasurer Jose Cisneros, San Francisco Assessor Recorder Phil Ting, and San Francisco Commission on the Environment President Paul Pelosi, Jr. to celebrate with community members who could see live readings of the new system's power generation and the amount of greenhouse gas emissions the system has avoided.

"Pacific Gas and Electric Company is proud to partner with Project Open Hand by donating two solar installations that not only help reduce green house gas emissions, but most importantly, increase the number of people who can be fed each day," said Bill Morrow, president and chief executive officer of PG&E, "By creating successful partnerships like the one we have today, our goal is to stimulate interest and confidence in the use of solar photovoltaic and solar thermal systems for a wide variety of applications."

PG&E donated $200,000 to install a solar photovoltaic (PV) and a solar thermal system for Project Open Hand, part of its $7.5 million commitment to increase solar power in San Francisco. The 22KW 34 panel PV system installed by SolarCity is expected to produce more than 30,000 kW hours of clean renewable energy that will have zero greenhouse gas emissions.

The solar thermal system, installed by Luminalt, is the first solar water heater system ever donated by PG&E and will allow Project Open Hand to save significantly on their hot water costs. The state-of-the-art thermal system will produce enough energy to heat 170,000 gallons of water per year and reduce greenhouse gasses by almost 2 million pounds over its lifetime. Combined, the two solar systems will save Project Open Hand over $12,000 annually in energy costs and over $600,000 over the life of the system. This savings will allow the non-profit to serve an additional 6,700 home-delivered meals a year.

"As part of the Bay Area community, and of this planet we all share, I believe Project Open Hand has to do its part by using resources carefully and prudently, and – as much as possible – through reducing our dependence on non-renewable resources," said Tom Nolan, Executive Director of Project Open Hand. "PG&E has been a longtime supporter of Project Open Hand and we were very gratified when they selected us, donating a complete 'solar system' supplying both electricity and hot water. We are very excited about this new endeavor and indebted to PG&E for its extremely generous contribution to the greening of Project Open Hand," Nolan added.

This visible solar installation showcases one approach that is available to residential and commercial property owners interested in integrating solar systems on their buildings. The partnership with Project Open Hand is yet another step PG&E is taking to help San Francisco become more environmentally friendly by reducing its carbon footprint.

"As Treasurer of San Francisco, I have seen first hand the success and benefit of public-private partnerships," said San Francisco Treasurer Jose Cisneros. "PG&E's partnership with Project Open Hand to increase solar power in San Francisco is another significant accomplishment we can add to the list."
"Not only is PG&E a major tax payer in their headquarter city of San Francisco," said San Francisco Assessor-Recorder Phil Ting, "They have become one of the major drivers behind increasing solar energy usage in San Francisco as well as insuring our non-profit community is a prime beneficiary."

"I applaud PG&E for their environmental leadership and taking the charge against climate change," said Paul Pelosi Jr., President of the San Francisco Commission on the Environment, "They are not only committed to increasing the amount of clean renewable energy delivered to their customers, but making sure their customers are also living the dream of using and benefiting from renewable sources such as solar."

PG&E has interconnected more than 17,000 customer-owned solar-generating systems to the power grid – representing more than 110 megawatts and more than any other utility in the nation. In San Francisco, PG&E has helped interconnect almost 500 of these solar systems, the most of any Northern California city. In just the past 24 months, PG&E has interconnected nearly 6,900 customers representing 61.5 megawatts of solar power. PG&E has also provided close to $210 million in rebates to nearly 450 customers through California's Self-Generation Incentive Program and California Solar Initiative (CSI). Through the CSI, PG&E has the potential to provide an additional $950 million in solar incentives.

Tags: solar power, solar thermal power, PG&E, Project Open Hand, San Francisco, solar water heater, Luminalt, greenhouse gasses, power grid, California Solar Initiative

Innovative Solar Island is Swiss Made!

A Swiss-designed artificial island is set to make its first appearance in the Gulf state of Ras al Khaimah,United Arab Emirates, with the aim of providing a source of clean energy.
The solution proposed by the centre is to build artificial islands that can sit offshore, where surface is not a problem. To cut costs, the usual solar panels would not be used, but rather a concentrator that heats water running through pipes. The steam is then used to generate electricity. Because of its floating structure, the island could be easily turned to always face the sun, generating maximum power. And to avoid having to connect the island to the mainland, the electricity could also be used to make hydrogen that could then be stored on the island before being shipped elsewhere.
"A floating infrastructure means a very low construction cost," said Hinderling. "There are no support structures to build."
However, building such a facility involves a few restrictions. There has to be around 350 days a year of sunshine, and it needs to sit somewhere between the tropics, near the equator for optimal performance. In many respects, the coastal region of the United Arab Emirates fits the bill, and this is why Ras al Khaimah is footing a large part of the development costs, contributing $5 million (SFr6.1 million) to the project.
"We began working on renewable energies with the emirate three years ago," Hinderling said. "The market with the biggest potential for solar and water technology is in that region, so that is where we have to work."


Challenges that might surface;

The biggest hurdle to the project seems to be the construction of the island itself. For example it is still unknown how the infrastructure will react in high winds, Hinderling said. "We have done simulations that have not revealed any problems, but it is not until we have tested in the real world that we will know if it works," he added. In situations such as storms or violent winds, he reckons that an island would be able to power its way out of danger before bad weather struck.
The construction of a prototype is now underway in the Gulf. It will have a diameter of 100 metres, one-tenth of the size of an actual solar island. Just don't go looking for it off the coast of the Emirates: initial tests will take place inland, with the island floating on a water channel.

swissinfo, Scott Capper in Neuchâtel

Beer goes green at Sierra Nevada

If you were a fan of that brown bottle with green and yellow labeled beer, you have another reason to be happy. Sierra Nevada beer company is putting up final touches to going 100% green. They are adding Solar panels to the fuel cells that provide most of the brewery's energy now. The brewery has four fuel cells operating 70 to 75 percent of the facility's power, Sustainability Coordinator Cheri Chastain said. This summer they have been in the process of adding solar panels. In a few short weeks the solar panels will be operational. With the added solar panels the brewery will be approaching 100 percent self-sufficiency. After the panels' installation the plan is to add additional solar panels in order to be completely self-sufficient when the sun is up, during peak hours, Chastain said.
The solar panels are located on the east side of the facility, covering three acres of the parking lot, providing energy to the facility along with covered parking for the employees, Chastain said. PG&E's Self-Generation Incentive Program is providing incentive costs to help fund the project. When the project is complete and successfully operational the brewery will receive a refund from PG&E. If you are interested, also check the California Energy Commissions offering.

Natural or bio-gas (Methane is a by product of beer production) is fed to the Fuel Cell , where hydrogen gas is extracted and combined with oxygen from the air to produce electricity, heat, and water. Heat is then recovered and used to heat water for brewing and the electricity is used throughout the brewery. Fuel Cells are efficient, quiet, and produce extremely low emissions.
In addition to Solar Panels and Fuel Cells, Sierra Nevada Beer company has been busy keeping the environment clean with recycling, heat recovery, CO2 recovery, and byproduct recycling.
I think I will order a Sierra Nevada next time I visit the neighborhood Pub.
I was lead to this news by Jennifer Barker at Paradise post.

Tags: recycling, heat recovery, CO2 recovery, byproduct recycling, fuel cell, solar power, beer, sierra nevada, California Energy Commissions, PG&E

First Solar safeway in Dublin, California.

Not far away from where I live, Safeway opened a grocery shop that now powered by Solar energy. I have visited this store earlier to experience the wind powered gas station. I do not usually shop at safeway but to show support, now I will divide my shopping between safeway and Whole foods (Also solar powered for a long time, since 2002). New reporters get the facts right!
Safeway Inc. unveiled it's first-ever solar powered grocery store. Company adds solar program to its extensive "green power" initiative. Congressman Jerry McNerney joins Safeway official for tour of acre-wide rooftop solar array. Panels provide energy for the 55,000-square-foot store. Store's existing gas station already powered by wind energy.

Solar and wind energy are just part of Safeway's extensive company-wide environmental focus. The company has invested in other retail-based energy savings strategies to reduce the company's carbon power demand such has new energy-efficient refrigeration and lighting. Safeway is one of the largest retail recyclers of paper, cardboard, plastic and other materials. The company is at the recently joined the Chicago Climate Exchange, the world's first and North America's only voluntary, legally binding greenhouse gas emissions reduction registry and trading program. Safeway has committed to reduce its carbon footprint from the base year 2000 by 390,000 tons of carbon dioxide. Additionally, each year Safeway recycles enough paper, cardboard, plastic and other materials to fill a football field 190 feet high.

Tags: solar power, wind energy, Chicago Climate Exchange, greenhouse gas, green power, whole food

ClearFeuls in AlwaysOn GoingGreen100 Top Private Companies

AIEA, Hawaii--(BUSINESS WIRE)--ClearFuels Technology Inc., a developer of sustainable sugarcane biorefineries, today announced its selection by AlwaysOn as one of the GoingGreen 100 Top Private Companies for 2007. The first-annual elite GoingGreen 100 list was compiled by the AlwaysOn editorial panel. To be eligible for the GoingGreen 100 list, companies had to be peer-nominated, with AlwaysOn receiving more than 500 nominations from venture investors, investment bankers and other industry experts.

"The AlwaysOn GoingGreen 100 companies will accelerate the global movement to a more sustainable environment," said Tony Perkins, founder and editor of AlwaysOn. "The ideas and innovation we saw as we reviewed hundreds of clean technology companies will be foundational to the next wave of economic growth in California and beyond. My congratulations to each AlwaysOn GoingGreen 100 winner—these are the companies which we predict will have the greatest market traction, strongest innovation and most game-changing approaches this year."

Using advanced thermochemical technologies, ClearFuels’ integrated biorefineries are designed to increase per acre production of ethanol while reducing carbon dioxide emissions per gallon.

“ClearFuels is developing biorefineries that can produce clean renewable fuels from waste biomass or sustainable energy crops,” said ClearFuels President George St. John. “Our biofuel refinery design integrates efficient production of cellulosic ethanol from bagasse and cane trash with existing sugar mill and sugar fermentation facilities. This allows relative production flexibility of ethanol, sugar and power to optimize economic returns in response to commodity market prices, while increasing overall efficiency in a sustainable manner.” ClearFuels’ first commercial demonstration facility is currently under development in Hawaii.

“It is a tremendous honor for ClearFuels to be included with these other emerging leaders in green energy innovation,” St. John said.

ClearFuels and the GoingGreen 100 Top Private Companies for 2007 will be honored at AlwaysOn GoingGreen to be held at the University of California in Davis from September 10 – 12. GoingGreen is a two-and-a-half-day executive gathering that highlights the significant impact clean technologies have on new economic growth and in sustainable use of natural resources. The idea behind the GoingGreen 100 top private companies list is to identify the most promising entrepreneurial opportunities and investments in the clean technology industry.

A full list of all the AlwaysOn GoingGreen 100 Private Companies can be found on the AlwaysOn Web site at: http://alwayson.goingon.com/permalink/post/18632

For more information on ClearFuels Technology Inc., go to: www.clearfuels.com

Tags: ClearFeuls, GoingGreen 100, AlwaysOn, biorefineries

Nexxus Lighting, will light up and shine at 2007 Solar Decathlon

CHARLOTTE, N.C.--(BUSINESS WIRE)--Nexxus Lighting, Inc. (NASDAQ:NEXS), a world leader in advanced lighting technology, including solid-state LED and fiber optic lighting systems and controls used in commercial, architectural, signage, swimming pool and retail lighting today announced that several of its LED products, including its new Savi™ LED light bulb and LED Flood Strip, will be featured in Georgia Techs’ entry into the 2007 Solar Decathlon.

The Solar Decathlon 2007 is an international competition between twenty universities to design, transport and commission an 800 square foot solar powered house on the National Mall in Washington, D.C. in October 2007. The competition is sponsored by the US Department of Energy and is supported by BP Solar, Sprint, US Green Building Council, National Association of Home Builders, American Institute of Architects and ASHRAE. The Georgia Institute of Technology is the only university in the southeast selected to participate in this competition. George Tech’s College of Architecture is leading the project and working in collaboration with more than eighty students and faculty from the colleges of Engineering, Management and Sciences at all levels of the university: undergraduate, graduate and Ph.D.

“Nexxus Lighting is working with Georgia Tech to showcase the benefits of LED lighting systems in this unique solar power project,” stated Ralph Genova, VP of Sales for Nexxus Lighting. “LED lighting technology is extremely energy efficient, which is critical in alternative energy supplied structures, and has other unique attributes. Unlike compact fluorescent lamps that contain hazardous chemicals, our LED products do not contain mercury and therefore are truly an environmentally friendly light source, and they last up to 25 times longer than traditional incandescent light bulbs. We are very excited to support Georgia Tech in their efforts,” concluded Mr. Genova.

“Students working on this house have pushed the limits of residential technologies in all avenues ranging from solar technologies, architectural materials, engineering systems, lighting, and automation techniques,” stated Ruchi Choudhary, Assistant Professor of Architecture and Ph.D. Programs, College of Architecture at Georgia Tech.

“By providing the team with state-of-the-art LED light fixtures, Nexxus Lighting has contributed significantly towards upholding the spirit of innovation in the Georgia Tech Solar Decathlon House. Nexxus Lighting's contribution serves many avenues, such as demonstrating the integration of LED and fluorescent lights for ambient lighting in residential applications, demonstrating the integration of LED lights with architectural components of the house, educating both students and the general public about the advantages of LED technology, and finally providing low energy lighting solutions for operating the house under limited reserves of solar energy,” concluded Dr. Choudhary.

Nexxus Lighting introduced its Savi™ LED line of commercial light bulbs earlier this year and is expanding its offering of LED based lighting products and controls later this year as part of its “Life’s Brighter™” green lighting initiative.

For more information, please visit the Nexxus Lighting, Inc. web site at www.nexxuslighting.com.

Tags: Solar Decathlon, Nexxus Lighting, Savi™ LED light bulb, BP Solar, Sprint, US Green Building Council, National Association of Home Builders, American Institute of Architects, ASHRAE, George Tech, LED lighting

Application for construction of a 400 MW Solar Power Plant Filed, A first since 1989 in California.

OAKLAND, Calif.--(BUSINESS WIRE)--BrightSource Energy™, Inc., a utility scale solar thermal company, announced today that it has filed an Application For Construction (AFC) with the California Energy Commission (CEC) for development of a 400 MW solar power plant site. This is the first AFC to be filed in California since 1989 for the construction of solar power plants.

BrightSource plans to build three separate solar plants on a site in California known as Ivanpah, about five miles southwest of Primm, Nevada. The site is located on federally owned land administered by the Bureau of Land Management (BLM). BrightSource has applied to the BLM for a right-of-way grant to use the land for its solar power complex, which will consist of two 100 MW solar power plants and one 200 MW solar power plant. The plants will utilize Distributed Power Tower™ (DPT) solar field technology developed by Luz II, a wholly owned subsidiary of BrightSource Energy.

“BrightSource is in negotiations with California utilities for the purchase of the electricity that these solar power plants will generate,” noted John Woolard, CEO of BrightSource Energy in making this announcement. “BrightSource continues to lead in the development of cost effective solar energy and will be the first company since 1990 to break ground in California for a new utility scale solar thermal plant.”

BrightSource Energy was founded by Arnold Goldman. Between 1984 and 1990, Mr. Goldman and the Luz International team built nine Solar Electricity Generating Stations (SEGS), the first of their kind, in California’s Mojave Desert. These plants continue to generate power at a capacity of 354 MW.

Privately held, BrightSource Energy is headquartered in Oakland, California. Further information may be found at www.brightsourceenergy.com.

Tags: California, AFC, BrightSource Energy, California Energy Commission, Ivanpah, Bureau of Land Management, Distributed Power Tower, solar thermal plant, SEGS

Extreme Makeover: Solar Edition

Press Release from groSolar

Athens, VT

When the Vitale family woke up yesterday, they didn't know that Ty and the gang from "Extreme Makeover: Home Edition" would be knocking on their door. Not only will the Vitale's get a transformed house from the hugely popular reality series, they will get a free solar energy system from groSolar in the deal.

A fast-growing and leading national solar energy company, groSolar joined the television show to provide the Vitale’s with a newly renovated, handicapped-accessible and energy efficient home.

“We are glad to help this deserving family,” groSolar CEO Jeff Wolfe said. “It is part of our mission of social responsibility and trying to be part of the climate crisis solution. This family will realize the benefits of solar energy in reducing their home energy bills with virtually no maintenance.’’

Wolfe said his company has made similar donations, including solar energy systems for the local Twin Pines Housing Trust and Habitat for Humanity.

“Solar energy provides affordable, low maintenance, reliable energy we all can live with," Wolfe said.

Sarah and Lou Vitale have two loving and bright sons: Kane, 2, and Louie Angelo Jr., one and a half. Louie Angelo has multiple birth defects, including Arthogryposis, club feet and skeletal displasia. Although he can’t move very well, he loves to paint. So his mother started Angel Boy Art in honor of her son. The organization allows children to paint and auction off their work to raise money and awareness around their particular disease.

Limited resources have prevented the Vitale's from adapting their home to Louis Jr.’s needs. The home was built on a weak foundation that consists of tree trunks, bare earth and shifting blocks.

A superior design team that includes groSolar and The McKernon Group, Inc. and hundreds of volunteers will now provide the family with a handicap-accessible, energy efficient house that everyone can be proud of. While Ty and the designers are rebuilding the home, the Vitale family will be living and volunteering at David’s House, a home away from home for children receiving treatment at Dartmouth-Hitchcock Medical Center in Lebanon, N.H.

The episode “Vitale Family’’ will air on ABC in January 2008.

The design team for the episode will feature team leader Ty Pennington and designers Michael Moloney, Paul DiMeo, Tanya McQueen and John Littlefield.

For more information, please contact Kevin Ellis 1-800-498-5390, kevin@kse50.com or Sue Lewis 1-800-374-4494, sue@grosSolar.com. www.groSolar.com.

Tags: renewable energy, alternative energy, solar, Extreme Makeover

China Calls for $265B Investment in Renewable Energy

Shares in renewable energy companies edged up on China’s stock exchanges Wednesday following the release of a national plan for reducing fossil fuel-based energy consumption, according to the country's official Xinhua News Agency.

China’s energy czar, Chen Deming, said on Tuesday that China needs $265 billion in investments to meet its renewable energy goals by 2020, according to the English-language China Daily.

The private sector, including state-owned companies, will likely foot most of the bill to reach China’s goal of generating 15 percent of its energy needs from renewable sources within 13 years, according to the National Development and Reform Commission’s (NRDC) plan. Beijing and local governments will contribute only about one-fifth of that total investment, Mr. Chen said.

Mr. Chen promised tax incentives and subsidies to help companies switch to more sustainable forms of energy, the China Daily said. But Mr. Chen also sketched out specific requirements, such as renewable energy investment quotas for large, state-owned enterprises and the installation of solar power equipment in real estate development projects, according to the China Daily.
source

Tags: enewable energy, alternative energy, solar, China