🌍 The Biden administration is protecting clean energy in the US!
John Podesta, Advisor White House on climate issues, stressed on Tuesday that USA will continue to protect its investments in clean energy, against building excess solar panel manufacturing capacity in China. 💪
According to Podesta it is important to ensure a level playing field around the world and protect investment in domestic green technology production. Biden's administration is considering other steps, including possibly raising tariffs on Chinese electric cars and other goods. 🚗
Biden doesn't want to allow unfair practices to undermine their efforts to decarbonize and protect domestic clean energy production. 🌱
Podesta comments at the summit BNEF v New York came in the wake of recent warnings from the Treasury Secretary Janet Yellen's about excessive investment China in excess solar panel manufacturing capacity that could disrupt the global economy. Currently, U.S. solar panel makers are concerned about a surge in cheaply imported panels that could be subject to new trade issues.
In addition, Podesta has suggested that IRA (Inflation Reduction Act) is intended to encourage investment in new technologies and spur innovation. USA will not allow these investments to be undermined by efforts China to dominate the solar panel market as it did here in Europe.
It is no secret that Biden's the Biden administration is considering the possible introduction of further measures to support domestic solar panel production, which is facing pressure from foreign competition. Podesta has sent a clear signal that Biden's administration will work to ensure that clean energy investment is not undermined and that domestic solar panel production is encouraged, despite pressure from unfair trade practices. China sells its panels below the cost of production and all production is subsidised by the state, making it impossible for such panels to compete on the market.
It will be interesting to see this trade battle between the US and China. Do you have any US solar panel manufacturers? 🌞