Taiwan set to spend a whopping $56 billion on renewables
Taiwan is set to spend $56 billion on renewables as the government aims to bring its percentage of renewable energy to 20 percent while moving away from dependence on nuclear power. This represents an increase of four or five times.
Alongside this massive expenditure, the government is seeking to liberalise its energy sector to bring in private sector companies from abroad and closer to home to contribute to its growth goals.
This move is likely to incentivise Taiwan's major electronics manufacturing service provider Hon Hai Precision Industry to enter into the market in the face of a more liberal business environment.
Equis Funds Group, which hails from Singapore, invests in renewable-energy outfits in Asia, has announced that it is planning to build a NT$15 billion solar and wind-power facility in in central Taiwan.
Another company from abroad is Japan's mighty Hitachi Corporation, which is eyeing up the Taiwan Strait, which represents one of the world’s best-suited wind power destinations. This comes as part of a broader move from the company, which is looking to grow its wind power business sales to an annual $894.5 million by 2020.
Taiwan’s President Tsai Ing-wen’s policy to reduce the country’s dependence on nuclear power is likely to have a number of long term environmental benefits, but will only remain feasible if the government’s alternative efforts to rollout renewable energy can make up for the deficit.
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