China and the United States—A Comparison of Green Energy Programs and Policies

[Excerpt] China is the world’s most populous country with over 1.3 billion people. It has experienced tremendous economic growth over the last three decades with an annual average increase in gross domestic product of 9.8% during that period. This has led to an increasing demand for energy, spurring China to add an average of 53 gigawatts (gw) of electric capacity each year over the lastten years to its power generation capabilities. China has set ambitious targets for developing its renewable energy resources with a major push of laws, policies, and incentives in the last few years. The wind power sector is illustrative of China’s accomplishments, as installed wind power capacity has gone from 0.567 gw in 2003 to 12.2 gw in 2008, and China surpassed the United States in 2010 with over 41 gw of installed wind power capacity. Notably, however, approximately one-third of that capacity is not yet connected to the power grid. Plans already exist to grow China’s wind power capacity to 100 gw by 2020. A similar goal exists for the solar photovoltaic power sector which China intends to increase generating capacity from 0.14 gw as of 2009 to over 1.8 gw by 2020. A hold on large and medium-scale hydropower project development has been lifted, with a virtual doubling of hydropower capacity planned. Most recently, China pledged ahead of the Copenhagen talks in 2009 that 15% of total energy consumption will come from non-fossil fuel sources by the year 2020. The 12th Five Year Plan will encompass 2011 to 2015, and will further formalize the link to green energy with specific deployment goals and investment. China recognizes that developing its domestic renewable energy industry and building its manufacturing capacity will help it meet energy demands at home and win advantages in future export markets. The key piece of legislation in recent years for advancing renewable electricity in China is the Renewable Energy Law of 2005. The law was designed to “promote the development and utilization of renewable energy, improve the energy structure, diversify energy supplies, safeguard energy security, protect the environment, and realize the sustainable development of the economy and society.” Renewable energy is subsidized by a fee charged to all electricity users in China of about 0.029 cents per kilowatt-hour, and was originally based on the incremental cost difference between coal and renewable energy power generation. However, energy efficiency and conservation are officially China’s top energy priority. These are considered the “low-hanging fruit” in the quest to reduce energy use and cut demand. Energy conservation investment projects have priority over energy development projects under the Energy Conservation Law of 1997, with government-financed projects being selected on “technological, economic and environmental comparisons and validations of the projects.” China is the world’s largest market for new construction, and new building standards have been in development since 2005 with national energy design criteria for residential buildings. In the power generation sector, many smaller, less efficient coal-fired power plants have been closed. In contrast to China, some argue that the United States does not have a comprehensive national policy in place for promotion of renewable energy technologies, with some observers saying that the higher costs of renewable electricity are not conducive to market adoption. However, for both countries, the reasons for increasing the use of renewable energy are diverse, and include energy security, energy independence, cleaner air, and more recently anthropogenic climate change, sustainability concepts, and economic development. Creating new, higher quality jobs could reasonably be said to be primary drivers of policy goals in both the United States and China

The Limits of U.S.-China Military Cooperation: Lessons from 1995-1999

"The Limits of U.S.-China Military Cooperation: Lessons from 1995-1999" (with Kurt Campbell) The Washington Quarterly 29: 1 (Winter 2005), pp. 169-186

Social and environmental narrative reporting : analysts' perceptions

An ACCA research report, Narrative Reporting: Analysts' Perceptions of its Value and Relevance was published in November 2008. The research considered analysts' views on five key elements of narrative reporting, including social and environmental disclosures. Due to the significant interests ACCA has in corporate transparency with regards to sustainability, this specific part of the research has been highlighted in this paper. The other parts of the research have been summarised only.Publisher PD

Teaching Peirce to Undergraduates

Fourteen philosophers share their experience teaching Peirce to undergraduates in a variety of settings and a variety of courses. The latter include introductory philosophy courses as well as upper-level courses in American philosophy, philosophy of religion, logic, philosophy of science, medieval philosophy, semiotics, metaphysics, etc., and even an upper-level course devoted entirely to Peirce. The project originates in a session devoted to teaching Peirce held at the 2007 annual meeting of the Society for the Advancement of American Philosophy. The session, organized by James Campbell and Richard Hart, was co-sponsored by the American Association of Philosophy Teachers

A Knowledge-Based Optimization Method for Aerodynamic Design

A new aerodynamic design method, CODISC, has been developed that combines a legacy knowledge-based design method, CDISC, with a simple optimization module known as SOUP. The primary goal of this new design system is to improve the performance gains obtained using CDISC without adding significant computational time. An additional objective of this approach is to reduce the need for a priori knowledge of good initial input variable values, as well as for subsequent manual revisions of those values as the design progresses. Several test cases illustrate the development of the process to date and some of the options available at transonic and supersonic speeds for turbulent flow designs. The test cases generally start from good baseline configurations and, in all cases, were able to improve the performance. Several new guidelines for good initial values for the design variables, as well as new design rules within CDISC itself, were developed from these cases

Experimental study of a generic high-speed civil transport

An experimental study of generic high-speed civil transport was conducted in the NASA Langley 8-ft Transonic Pressure Tunnel. The data base was obtained for the purpose of assessing the accuracy of various levels of computational analysis. Two models differing only in wingtip geometry were tested with and without flow-through nacelles. The baseline model has a curved or crescent wingtip shape, while the second model has a more conventional straight wingtip shape. The study was conducted at Mach numbers from 0.30 to 1.19. Force data were obtained on both the straight wingtip model and the curved wingtip model. Only the curved wingtip model was instrumented for measuring pressures. Selected longitudinal, lateral, and directional data are presented for both models. Selected pressure distributions for the curved wingtip model are also presented

The Term Structure of Euromarket Interest Rates: An Empirical Investigation

This paper is an empirical investigation of the predictability and comovement of risk premia in the term structure of Euromarket interest rates. We show that variables which have been used as proxies for risk premia on uncovered foreign asset positions also predict excess returns in Euroniarket term structures, while variables which have been used as proxies for risk premia in the term structure also predict excess returns on taking uncovered foreign asset positions. These findings suggests that risk premia in the Euromarket term structures and on uncovered foreign asset positions move together. We test formally the hypothesis that risk premia on uncovered 3-month EuroDM and Eurosterling deposits move in proportion to a single latent variable. We are unable to reject this hypothesis. We are also unable to reject the hypothesis that the risk premia on these three strategies and those on rolling over 1-month Eurosterling (EuroDM) deposits versus holding a 3-month Eurosterlirig (EuroDN) deposit move in proportion to a single latent variable. The single latent variable model can be interpreted atheoretically, as a way of characterizing the extent to which predictable asset returns "move together"; or it can be interpreted as in Hansen and Hodrick (1983) and Hodrick and Srivastava (1983) as a specialization of the ICAPM in which assets have constant betas on a single, unobservable benchmark portfolio.

Development of a Knowledge-Based Optimization Method for Aerodynamic Design

A new aerodynamic design method, CODISC, has been developed that combines an existing knowledgebased design method, CDISC, with a simple optimization module known as SOUP. The primary goal of this new design system is to improve the performance gains obtained using CDISC without adding significant computational time. An additional benefit of this approach is a reduction in the need for a priori knowledge of good initial input variable values as well as for subsequent manual revisions of those values as the design progresses. A series of 2D and 3D test cases are used to illustrate the development of the process and some of the options available at transonic and supersonic speeds for both laminar and turbulent flow. The test cases start from good baseline configurations and, in all cases, were able to improve the performance. Several new guidelines for good initial values for the design variables, as well new design rules within CDISC itself, were developed from these cases

Household Saving and Permanent Income in Canada and the United Kingdom

Recent theoretical research in open-economy macroeconomics has emphasized the connection between a country's current account and the intertemporal savings and investment choices of its households, firms, and governments. In this paper, we assess the empirical relevance of the permanent income theory of household saving, a key building block of recent theoretical models of the current account. Using the econometric approach of Campbell (1987), we are able to reject the theory on quarterly aggregate data in Canada and the United Kingdom. However, we also assess the economic significance of these statistical rejections by comparing the behavior of saving with that of an unrestricted vector autoregressive (VAR) forecast of future changes in disposable labor income. If the theory is true, saving should be the best available predictor of future changes in disposable labor income. We find the correlation between saving and the unrestricted VAR forecast to be extremely high in both countries. The results suggest that the theory provides a useful description of the dynamic behavior of household saving in Canada and Britain.

The Dollar and Real Interest Rates

In this paper, we investigate the link between the real foreign exchange value of the dollar and real interest rates since 1979. We argue that it is important to consider the possibility that real exchange rate movements reflect movements of the long-run equilibrium exchange rate as well as real interest differentials. We use a state-space approach to estimate the importance of shifts in the long-run equilibrium exchange rate, the persistence of the ex ante short-term real interest differential, and the effect of this differential on the exchange rate. Using U.S., Canadian, British, German and Japanese data from October 1979 to March 1986, we find that movements in the dollar real exchange rate have been dominated by unanticipated shifts in the expected long-run real exchange rate. Ex ante real interest differentials have not been persistent or variable enough to account for a major part of exchange rate variation. We use Mussa's (1984) rational expectations model of the real exchange rate and the current account to interpret our results.