Solar power given APEC boost

12th Sep 2012

Solar power companies will no doubt be celebrating a new decision by APEC that should see them receive favourable cuts on import duties.

The Asia-Pacific Economic Cooperation (to use its full name) has announced that 54 renewable technology goods and products across the region will benefit from charges of no more than five per cent.

And the good news for the solar industry is that photovoltaic panels and sun-powered hot-water systems are included on the list, with Australia's trading minister Craig Emerson being understandably happy about the ruling.

"Australia exports $1.2 billion worth of these environmental goods in the region and $430 billion worth of trade is done in these environmental goods," he stated.

APEC leaders were at a summit in Vladivostok when the legislation was put forward and the organisation highlighted the importance of promoting green growth across the Asia-Pacific.

Minister Emerson echoed these sentiments, adding: "This is about building friendships, building cultural awareness [and] building APEC as a real community."

He also took a quick stab at the World Trade Organization, claiming that it had failed to reach a similar conclusion to this issue despite discussing it for over a decade.

Posted by Bob Dawson

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