Taiwan's parliament on Friday approved a renewable energy bill that is expected to attract 30 billion Taiwan dollar (937 million US) worth of investment, according to an AFP report.
The bill calls for the addition of between 6,500 and 10,000 megawatts (MW) of renewable energy capacity of the next 20 years. The country currently has just over 2,250 MW of renewable capacity--representing 5.8% of the country's power supply, according to state-run Taiwan Power Co.
Taiwan has set a goal of reducing its carbon dioxide levels to 2008 levels by 2016, and to 2000 levels by 2025.
The new law will create pricing incentives for renewable energy developers, while simultaneously loosening regulations. Previously, providers had to sell electricity to Taiwan Power at two Taiwan dollars per kilowatt-hour, according to the AFP report.
United Daily Newsreported that the bill will lead to at least 30 billion Taiwan dollars in investment in the first year and create more than 10,000 renewable energy jobs. The investment is expected to lead to 100 billion Taiwan dollars in revenue within one to two years, the report said.
In March 2009, Sunrise Global Solar Energy, Ltd., a Taiwan-based manufacturer of photovoltaic products, began mass production on its first photovoltaic solar production line.
