background image

The green industrial race: US versus China

author image

By illuminem briefings

· 2 min read

​​illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: The U.S. Inflation Reduction Act (IRA) is a significant boost to America's clean energy transition, with $370 billion earmarked for clean energy investments
• This initiative is at risk of becoming politicized as the Presidential elections near, despite its success in generating $200 billion in new private sector investment and creating over 211,000 new jobs

🔭 The context: The IRA, along with the Infrastructure and Jobs Act, has positioned the U.S. as a contender against China's dominance in the green technology market
• China has made significant strides in solar and wind energy, investing $676 billion in clean tech in 2023 alone and taking steps to secure essential minerals for green technology

🌍 Why it matters for the planet: The urgency of the clean energy transition is underscored by the record-breaking weather and climate disasters in the U.S., costing over $400 billion in the past three years
• Meanwhile, China's aggressive investment in renewable energy and securing of key minerals positions it as a global leader, highlighting the importance of the U.S. maintaining competitiveness in green technology

⏭️ What's next: For the U.S. to maintain its global industrial leadership and not become overly reliant on China, it must continue to invest in clean energy and technology
• The IRA represents a step in this direction, but further efforts are needed to ensure the U.S. remains an attractive destination for cleantech investment and can compete in the global energy transition

📈 One stat: China was responsible for 38% of total global clean tech spending in 2023, investing $676 billion

Click for more news covering the latest on energy

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)