Taiwan’s parliament has approved a renewable energy bill that is expected to attract $937 million worth of investment creating over 10,000 jobs, according to an AFP report.
The bill calls for the addition of between 6,500 and 10,000 MW of renewable energy capacity over 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 kWh.
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.