China close to passing United States as the biggest emitter of greenhouse gases in the world
China is about to take over the top spot in world as far as emitting greenhouse gases is concerned. It is estimated that China will take over the top spot either by end of
this year or by 2008.
According to the latest statistics, China’s consumption of fossil fuels rose in 2006 by 9.3 percent. The growth in emissions is simply stunning. In 2001, greenhouse gas emissions were only 42% of U.S. levels but in 2006 the level had soared to 97% of U.S levels. However, per capita emissions are far below that of United States and other industrialized countries.
China does have a leading company in the field of Alternative Energy. Suntech Power (NYSE: STP) is not just a low cost manufacturer of Solar Panels and cells but also does extensive research in the field of Solar energy. I expect the Chinese domestic market to grow in the coming years for Chinese solar cell/panel manufacturer’s such as Suntech Power (NYSE: STP), Solarfun (Nasdaq: SOLF) and Trina Solar (NYSE: TSL). China has set a target of producing 16% of its energy needs via renewable energy sources by 2020.
With the developed world already providing support for alternative energy, what we need next is developing countries such as China and India to start doing the same. Both these countries have leading alternative energy companies to show them the way. China has Suntech and India has Suzlon Energy (Wind).
Source: SFGate
Disclosure: I am long STP
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