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The Taiwanese government has announced that it will be starting several initiatives that will support the growth of domestic renewable energy market in the country. The plan is to invest NT$45 billion (US$1.4 billion) over the next five years in order to boost the industry's growth from revenue figures of NT$160.3 billion from last year to NT$1.5 trillion by 2015.
By the year 2015, Taiwan's renewable energy industry is expected to account for 6.6% of the country's manufacturing industry, thus creating 110,000 jobs.
"The green energy sector can turn Taiwan into a major power in energy technology and production, as well as provide in the creation of green jobs," Taiwan Premier Liu Chao-shiuan said.
Taiwan's Ministry of Economic Affairs (MOEA) said The Takeoff Program would be divided into two parts; firstly to focus on solar energy and light emitting diodes (LEDs) and second to promote wind power generation, biofuels, hydrogen energy and fuel cells.
The first stage has been designed to make Taiwan one the world's top three producers of solar energy batteries and the world's largest supplier of LED lights and modules. The country will also change all of its 700,000 traffic signals to LEDs and by 2011, the island aims to complete the construction of Asia's largest solar power plant.
It is no surprise that Taiwan has looked for a niche in the "green" market, yet this initiative - if it takes off - will serve the country well as the global market for LEDs is worth US$5 billion and is expected to more than double in size by 2012.
Taiwan's solar cell makers include Motech Industrial Inc., Gintech Energy Corp., E-Ton Solar Tech, Sino-American Silicon Products Inc., Sinonar Corp., and Green Energy Technology. Motech, Gintech and E-Ton are among the world's top ten solar cell makers.
The Statute for Renewable Energy provides incentives for the development of the green energy industry, including solar energy, ocean energy, wind power, biofuels and waste-generated hydrogen power.
