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Carrots to spark Shanghai's new energy

2009. 10 December

by Vivian Jin
( Shanghai yesterday launched several stimulus measures to boost the development of new energy industries amid increasing government attention to environment protection for sustained growth.

The city wants to accelerate new energy equipment manufacturing
and raise the use of new energy, including nuclear, wind and solar power, by offering favorable taxation, flexible financial tools and more government investment.

The city government said the comprehensive strategy aims to "fully enhance the innovation capability and competitiveness of the new energy industry in Shanghai and establish the industry as an important sector to drive the city's economic growth."

Shanghai aims to lift wind power generation capacity to 500 megawatts by 2012 and solar generation capacity to 50 megawatts.

The city targets hybrid and electric cars in another important aspect of the new energy industry.

The government said it encourages investment funds to go into the new energy car industry and will support new energy car makers to float shares and issue cooperate bonds.

"The latest measures create a favorable environment for us, and I expect more regulations to come to facilitate the implementation," said Shi Tao, marketing manager of Shanghai Pearl Hydrogen Power Source Technology Co, which focuses on hydrogen technologies.

Although green cars can help drivers save daily driving costs, they still fail to appeal to consumers because of their high prices due to costly investment in the new technologies.

The government said it would provide a subsidy of up to three years to companies that lease batteries to be used in new energy cars.

Shanghai aims to increase its new energy vehicle population to 100,000 units by 2012 and to create an industry worth 30 billion yuan (US$4.4 billion). About 1,000 new energy vehicles developed by the city's major automotive giant SAIC Motor Corp will ferry visitors during the 2010 Shanghai World Expo.