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Event Report: US-China Clean Energy Co-operation

12:00AM, 24 September 2009
12:00AM, 24 September 2009
To Be Confirmed
Event Report: US-China Clean Energy Co-operation

NEW YORK, 21 September 2009

The Climate Group today hosted a high-level meeting on how collaboration between the world's two largest emitters - the US and China - was required to unlock a prosperous low carbon economy.

The meeting - addressed by Massachusetts Senator John Kerry - was attended by US and China business leaders already pioneering the financing, development and manufacture of new clean energy technologies.

Senator Kerry emphasized the significant economic opportunity that would be unlocked by a global climate deal in Copenhagen.

Senator Kerry said: "A global deal on climate change is the best bottom line opportunity we have for our economy and our world. Now the question is: who will create the fuels, energies and low-carbon solutions of the future?"

Kerry warned that the US needed to get in the game and implement climate policies that would see the US matching China's current economic progress in this new "race for the swift and the smart". He warned, US policy-makers and business leaders must act now on this huge opportunity for collaboration with China in order to secure the wins the world needs in Copenhagen and beyond.

He added climate policy would have multiple domestic benefits: it would not only improve health and national security, but decrease poverty, create jobs and boost the economy. States with abundant alternative energy sources such as wind in North Dakota would see tangible economic benefits.

Steve Howard, CEO of The Climate Group, said that the outcome from political negotiations in Copenhagen must be a New Green Deal that was "fit for purpose, fair, ambitious and binding". However, he said that key economic benefits will only be unlocked if the deal has all the major world economies squarely behind it.

Giving Duke Energy's recent partnership with the Huaneng Group as an example of this type of critical US-China clean energy collaboration, Jim Rogers, Chairman CEO of Duke Energy, said: "It's only smart partnerships between implementers with 'can-do' attitudes that can create scalable clean coal sequestration technologies that will set us on track towards a lower carbon future".

Tracey R. Wolstencraft, Managing Director of Goldman Sachs, said: "This future - with a 50% reduction goal - will take over $40 trillion in capital. How and where that capital flows - with Chinese companies coming to the US to raise capital and later to sell those products - will define the breadth of solutions across the spectrum that we have to meet our climate action goals".

Juliet Jiang, CEO of Broad (a leading Chinese manufacturer of non-electric air conditioning units) joined executives from China's leading solar manufacturer, Suntech Power Holdings and Bloomberg L.P. who hosted the event.

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