11/16/09 – China and US Poised to Break New Ground in Green Technology Partnership

November 16, 2009 at 8:30 pm Leave a comment

As a follow up to my previous article on the “green technology” market, I felt it important to keep you all updated on an interesting turn of events that is sure to be a ground breaking turn of events in the development in green technologies.  If you can remember, or just feel like scrolling down a little bit, it was predicted that China would be the greatest rival for the US in the capture of the global green tech market.

While this statement still remains very true, Barack Obama will announce at a summit in Beijing tomorrow that the US and China will break new ground in a partnership on developing clean energy technologies.  Obama and Hu Jintao, leader of the People’s Republic of China, will focus on ways to reduce their carbon footprints.

During the summit, the two nations will announce a new energy cooperation program, unveil closer collaboration on “cleaner coal” technology and smart grids, and establish a joint research centre.  It is said that a memorandum of understanding will be signed in the Great Hall of the People where the US Trade Development Agency will fund an office in Beijing to assist US firms in securing government financing for new energy projects.

Peabody, one of the US’s biggest coal companies, will receive money from the US government to establish a demonstration facility in partnership with China to show off its new clean technologies.  The firm may also show more involvement in China’s GreenGen project, the purpose of which is to pioneer cleaner and more efficient coal burning technologies.

The US government made it clear that no “public money” will be channeled into the Chinese firms or projects as that is the Chinese governments job, and they are of course still seen as a rival, but in this timer period, I think joining together with the Chinese government in the fight against global warming and carbon emissions is the next big step in creating a cleaner and happier future for all of the world.

Coming from the two nations with the greatest carbon emissions, it should be their responsibility to work together in order to slow down, if not halt carbon emissions to its best ability.

Thanks for reading!  The article can be found right here. And as always, don’t forget the quiz on blackboard.

Mike

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