Companies

Ernst & Young sets to increase new energy sector investment

By Yu Ran (China Daily)
Updated: 2010-11-23 13:21

Ringo Choi (far left), co-chairman of Ernst & Young's Entrepreneur Of The Year award - China program, mediates a discussion with members of the judging panel and previous winners of the award.[Photo / China Daily]

Global accounting firm looks to renewable power for the future

SHANGHAI - Ernst & Young Global, one of the four big accounting firms, aims to make more investments in the new-energy sector, especially in China, as the field becomes more important.

Ernst & Young presented two awards specifically for emerging business leaders, at the Entrepreneur of the Year award ceremony, held on Nov 19.

"Luyuan is the first company in this industry that has been granted import and export rights for clean technology. The contribution that we have made to the international market is to popularize the concept of electric bicycles across the world," said Ni Jie, chairman of Luyuan E-vehicle Company, a recipient of this year's award.

Thirteen entrepreneurs, across a variety of Chinese industries including green technology, health science and the media, received Entrepreneur of the Year awards from Ernst & Young for their vision, leadership and achievements in business.

"We're celebrating people who are making real, positive impacts using five criteria including entrepreneurial spirit, innovation, and financial performance," said James S. Turley, chairman and chief executive officer of Ernst & Young Global.

The company launched the Entrepreneur of the Year awards in 1986. They are now administered through regional, national and global awards programs in more than 140 cities in 50 countries.

"The award has helped local entrepreneurs by encouraging them to follow their dreams by creating visions to meet the demands of the market place," said Turley.

According to data compiled by Ernst & Young, China invested almost twice as much in clean energy projects last year as the United States, and emerged as the global market leader in installed wind power capacity in 2009.

China also replaced the US as the biggest investor in renewable energy for the first time in at least five years, as the nation raced to meet rising demand for power and reduce carbon emissions.

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"China's steady rise to the top position has been underpinned by strong and consistent government support for renewable energy. This, together with a substantial commitment from industry and the sheer scale of its natural resources, means that its position as top spot for renewable energy investment is well-merited," said Ringo Choi, clean technology leader of Greater China at Ernst & Young.

China plans to set up 13 solar power projects in its western region as part of a plan to cut emissions and boost energy investment in rural areas. The government is seeking bids from companies to develop the projects in six provinces, which will have a combined capacity of 280 megawatts.

Ernst & Young has made investments in clean technology and sustainability services in India, China, the Middle East and Brazil.

"What we will never change in our strategy is the long-term commitment to emerging markets, especially in China.

"When you see the importance of energy, carbon footprints and environmental issues on the world, and you look forward to the next 20 to 50 years, there are not many things more important than energy efficiency and clean technology," said Turley.

Ernst & Young has invested over $1 billion in the new energy sector of the emerging markets over the past four years.

"To fuel the urban middle-class in the growing Chinese economy, the demand on energy resources will increase, which means renewable energy will become essential," said Turley.