The Global Poor Can Lead the Solar Revolution
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June 22 (Bloomberg) -- China announced on March 20 that itwould raise retail gasoline prices to more than $5 a gallon. Twodays later, the government announced its intention to capconsumption of coal at 3.9 billion tons a year, only 10 percentabove its current level.
Concern for the environment is not driving these moves.Instead, they are a byproduct of economic fundamentals,including the fact that importing oil at more than $100 a barreland coal at $125 a ton or more threatens China’s record tradesurpluses. Indeed, in the past three years, high prices forimported oil and coal have contributed to three trade deficitsin China.