Chu: America Faces a Choice to “Compete in the Clean Energy Race” or “Wave the White Flag”

Chu: America Faces a Choice to “Compete in the Clean Energy Race” or “Wave the White Flag”

November 3, 2011 - 10:36am

WASHINGTON, D.C. – In his speech to the Washington Post Live Smart Energy Conference today, Secretary of Energy Steven Chu highlighted the choice America faces on whether or not to take advantage of the huge economic opportunity and compete with countries like China in the clean energy race.

Excerpts and full text of remarks are below:

“Once again, there is a huge opportunity before us – a global clean energy market that is already worth an estimated $240 billion and is growing rapidly. In fact, a very reasonable estimate is that solar photovoltaic systems alone represent a global market worth more than $80 billion this year.”

“China – like many countries – has learned from the U.S. how government can support critical emerging industries. Last year, China offered roughly $30 billion in government financing to its solar companies, including $7 billion to Suntech. At least 10 countries have adopted renewable electricity standards, and more than 50 countries offer some type of public financing for clean energy projects. For example, Germany and Canada operate government-backed clean energy lending programs, and in the last several months, the UK, Australia, and India have announced plans to do the same.”

“America faces a choice today: Are we going to recognize the opportunity and compete in the clean energy race or will we wave the white flag and watch all of these jobs go to China, Korea, Germany and other countries?”

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