Energy Industry Update: December 29, 2009 China Passes Sweeping Renewable Energy Adoption Policies
XsunX, Inc. (OTCBB:XSNX), the developer of advanced, thin-film photovoltaic (TFPV) solar cell technologies and manufacturing processes, updates its shareholders on Chinas latest amendment to its 2006-enacted renewable energy law.
On December 26, China approved a significant amendment to its renewable energy law aimed to greatly promote a healthy and rapid development of the renewable energy sector and adjust energy structure to strengthen the building of an environment-friendly and resource-saving society, said the countrys state-run news agency, Xinhua News.
Passed by Chinas legislature, the modification requires state-owned electricity grid companies to buy all the electricity produced from renewable energy source regardless of its price compared to electricity produced from coal-fired plants. For those enterprises that fail to buy power from a renewable energy resource within its territory, a fine will be imposed to enforce the mandate.
To view the Xinhua News article click here:
China might be one of the worlds most populated and most polluted countries, but its making very significant strides towards reducing its overall carbon footprint through the use to renewable energy like solar and wind, said Joe Grimes, COO, XsunX, Inc. Many U.S.-based companies could stand to benefit greatly from this new energy law.
Chinas goal is to increase its use of renewable energy sources to 15 percent of its total by 2020, from 9 percent last year. Last year, China relied on coal for nearly 70 percent of its total energy use.
The success of this law is contingent on how well China faces the difficulties implementing a smarter electrical grid that can efficiently deliver power generated from wind and solar, adds Grimes. We look forward to seeing how this unfolds and learning from these bold steps towards stopping climate change.
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