China is beating the United States in the race to supply clean-energy technologies to the world, thanks to a government bank which counts Henry Kissinger among its advisers.
China Development Bank, which listed the former United States Secretary of State as an advisory board member in a 2010 bond prospectus, agreed last year to lend US$35.4 billion to Chinese companies in the wind and solar power industry – 28% of its total lending, according to analysts. Their American rivals, in contrast, received US$4 billion in grants and about US$16 billion in loan guarantees.
In addition to the CDB loans, state and private interests sank US$54.4 billion into China’s clean-energy companies last year. In the US, US$34 billion was invested, putting it behind Germany’s US$41.2 billion, too.
The danger for the US is that by the time it wakes up, in place of the levy it currently pays to oil despots, it will pay a levy to overseas clean-energy companies.