Renewable Energy Projects

By: EconomyWatch   Date: 30 April 2010

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International Projects to Growth Renewable Energy Production

Renewable energy projects are gaining worldwide momentum. The UK is set to launch a hydroelectric power plant near the River Thames, while Australia will convert noxious weeds into fuel. China is also launching innovative new projects to boost renewable energy.

Renewable energy refers to energy that can be generated from the whole gamut of natural resources that can be replenished, such as wind, sun, water, bio fuel and geothermal heat. Global energy requirements are predicted to increase at a rate of 1.5% each year. Therefore, various innovative projects are continuously being developed and implemented across the global energy industry.

Around 14 developing countries have set a growth target of 5% to 30% in the renewable energy sector for the years 2010-2012. To meet the target, these countries are coming up with innovative and compelling initiatives in this sector.

China’s Khazanah Nasional Berhad project was announced in August 2008. This project will implement eight waste-to-energy projects. The Beijing China Sciences General Energy and Environment Co will provide assistance to tap potential renewable energy sources across China. An investment of $150 million is earmarked for this three-year project that is expected to minimize environmental pollution in China and develop better sources for clean energy generation. Khazanah is in the process of purchasing a project comprising 800 tones of installed capacity per day and has nearly three or four more in its pipeline.

In the UK, a novel project for hydroelectricity generation is in its initial phase. In July 2008, SAS commenced a feasibility study of the project which proposes to establish a hydroelectric power plant on the Thames. Early indications are that the project would be able to generate enough power to satisfy the business software company’s electricity needs. Already, the office campus of SAS generates biofuels from wasted food collected from its staff and local hotels. This energy is currently used to power some of the company’s vehicles.

Recently, the Australian government announced funding for various energy generation projects under its Renewable Energy Commercialization Programme (RENP). Some of the projects include a grant of $238,400 to Wind Corporation Australia Ltd. to establish properly connected, embedded wind farms across rural Australia. Efforts are ongoing to utilize renewable sources, such as biomass for energy generation and to minimize the emission of toxic gases. Further, the Australian government has granted up to $10 million to the Northern Territory Power and Water Authority (PAWA) to develop a biomass-to-energy pilot plant. The plant will use mimosa pigra, a noxious weed to be converted into fuel.

The energy investment funds for the year 2007 add up to a whopping $100 billion vis-à-vis the previous year’s $80 million.


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