Taiwan to invest $1.47B in renewable energy

Taiwan will invest US$1.47 billion in renewable energy including  US$635 million for its research and development in the next five years.

The country’s government also hopes to garner US$200 billion in private investment into the sector, according to NewNet.

The government of Taiwan has set a target to increase energy efficiency by two per cent each year until 2020. It also plans to lower carbon emissions to their 2005 level in the same timeframe, with the public sector expected to reach seven per cent emissions reductions before 2015.

Last week, the government estimated that energy conservation action plans are expected to generate US$11.3 billion and create around 18,000 jobs. Renewable energy now accounts for 6.8 per cent of Taiwan’s electricity usage, according to the country’s Ministry of Economic Affairs.