Watch out the greedy OPEC ............. here come OBAMA settling US$150 billion to push for renewaable energy !
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SINGAPORE : Incoming US president Barack Obama could give the renewable energy sector the push it needs to move forward.
He has already announced plans for a US$150 billion boost over the next 10 years. And this is expected to have spillover benefits for the sector in Asia.
President-elect Obama is calling for change - and that includes cutting the American dependence on fossil fuels.
He plans to pump in US$150 billion into the renewable energy sector over the next 10 years, and has set a target for one million electric vehicles on US roads by 2015.
Industry watchers said that is sending a strong signal to potential investors, not just in the US.
Jotdeep Singh, regional head, Renewable Energy, Rabobank International, said: "The size of the commitment that is now being made gives the clean energy industry in Asia a lot of hope...Industries of all types who were thinking of whether or not to invest in clean energy now are able to have the confidence to invest for the long term. And I think that is what president-elect Obama's policies do - they enable Asian companies to invest for the long term in clean energy."
The new US push towards alternative energies is seen as creating business opportunities for key global players like renewable diesel producer Neste Oil which is investing hundreds of millions into a new plant in Singapore.
Industry experts said that investment from the US into the renewable energy sector will not only have a positive impact in terms of potential business tie-ups between the US and Asia; they said that now, Asian governments are more likely to increase focus and programmes in renewable energy."
Leon Perera, group managing director, Spire Research, said: "When we look at the adoption of environmental technology worldwide, it tends to be pushed in the early stages by government - regulation - by laws - so every time a government comes to power which has this high on its agenda, it is good news for the environmental sector. Having said that, it will take some time for all these benefits to pan out."
The spillover may translate into tens of billions of dollars worth in exports for Asian companies over the next five years. - CNA/ms
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SINGAPORE : Incoming US president Barack Obama could give the renewable energy sector the push it needs to move forward.
He has already announced plans for a US$150 billion boost over the next 10 years. And this is expected to have spillover benefits for the sector in Asia.
President-elect Obama is calling for change - and that includes cutting the American dependence on fossil fuels.
He plans to pump in US$150 billion into the renewable energy sector over the next 10 years, and has set a target for one million electric vehicles on US roads by 2015.
Industry watchers said that is sending a strong signal to potential investors, not just in the US.
Jotdeep Singh, regional head, Renewable Energy, Rabobank International, said: "The size of the commitment that is now being made gives the clean energy industry in Asia a lot of hope...Industries of all types who were thinking of whether or not to invest in clean energy now are able to have the confidence to invest for the long term. And I think that is what president-elect Obama's policies do - they enable Asian companies to invest for the long term in clean energy."
The new US push towards alternative energies is seen as creating business opportunities for key global players like renewable diesel producer Neste Oil which is investing hundreds of millions into a new plant in Singapore.
Industry experts said that investment from the US into the renewable energy sector will not only have a positive impact in terms of potential business tie-ups between the US and Asia; they said that now, Asian governments are more likely to increase focus and programmes in renewable energy."
Leon Perera, group managing director, Spire Research, said: "When we look at the adoption of environmental technology worldwide, it tends to be pushed in the early stages by government - regulation - by laws - so every time a government comes to power which has this high on its agenda, it is good news for the environmental sector. Having said that, it will take some time for all these benefits to pan out."
The spillover may translate into tens of billions of dollars worth in exports for Asian companies over the next five years. - CNA/ms
