China Surges Ahead in Global Renewables Race

CFO Innovation Asia points to the new Ernst & Young report on China becoming the global leader in deploying renewable energy equipment. Chinese spending on new wind projects now accounts for one-half of global wind power spending. It is not surprising that China used local content requirements and tailored bidding processes to basically push foreign companies out of the China wind market and hand the market over to local companies in recent years. I recently met with some US wind power analysts who said that one unique element of the China wind power deployment is that a significant number of the wind turbines are being installed in places where there is little wind, and some big projects aren’t hooked up to the power grid.

CFO Innovation Asia excerpt:


China’s record spending on its wind industry this quarter represented nearly half of all funds invested in new wind projects around the world. Such heavy investment has ensured that approximately one in every two wind turbines to go live in 2010 will have been in China. The United States, which topped the indices between November 2006 and May 2010, is now five points behind the ascendant China.
“Since reaching top spot in our Index in September, China has opened up a healthy gap from other markets. Cleantech, including renewable energy, represents a significant part of the country’s future economic growth plans,” explains Ringo Choi, Cleantech Leader for Greater China, Ernst & Young. Choi continues: “The level of wind energy being deployed in China shows what can be achieved with a carefully planned energy and industrial policy that elevates cleantech to a national strategic level.  The Chinese solar industry is also fast becoming of great importance in the global market place.”


E&Y Report Link:
http://tinyurl.com/25ocaj3

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About James McGregor
James McGregor is an American author, journalist and businessman who has lived in China for more than 25 years. Currently, he is chairman of APCO Worldwide, Greater China. A professional speaker and commentator who specializes in China’s business, politics and society, he regularly appears in the media to discuss China-related topics. McGregor is the author of the books "No Ancient Wisdom, No Followers: The Challenges of Chinese Authoritarian Capitalism" (2012) and "One Billion Customers: Lessons from the Front Lines of Doing Business in China" (2005). He also wrote the 2010 report "China’s Drive for ‘Indigenous Innovation’ – A Web of Industrial Policies." From 1987 to 1990 McGregor served as The Wall Street Journal’s bureau chief in Taiwan, and from 1990 to 1994 as the paper’s bureau chief in Mainland China. From 1994 to 2000, he was chief executive of Dow Jones & Company in China. After leaving Dow Jones, he was China managing partner for GIV Venture Partners, a $140 million venture capital fund specializing in the Chinese Internet and technology outsourcing. In 1996, McGregor was elected as chairman of the American Chamber of Commerce in China. He also served for a decade as a governor of that organization. He is a member of the Atlantic Council, Council on Foreign Relations, National Committee on US-China Relations and International Council of the Asia Society. He serves on a variety of China-related advisory boards.

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