U.S. brings green power execs to red China

By Doug Palmer

BEIJING, May 20 (BestGrowthStock) – U.S. Commerce Secretary Gary
Locke began three days of meetings in Beijing on Thursday to push
open doors for American clean energy companies looking to cash in
on China’s fast growing renewables market.

While legislation aimed at cutting U.S. greenhouse gas
emissions and dependence on fossil fuels is mired in Congress,
China’s central planners are pushing ahead with projects to
expand solar and wind power, lay thousands of miles of new
transmission lines and adopt “Smart Grid” technology to
distribute power more efficiently.

“I would have to say that China is leading us in that
effort,” said Martha Duggan, vice president of United Solar
Ovonic.

The Michigan-based manufacturer, a unit of Energy Conversion
Devices (ENER.O: ), has a joint venture with an electricity
provider in Tianjin to convert solar cells manufactured in the
United States to solar modules for use in China.

“We’re really just getting started here. But we see a lot of
opportunity,” Duggan said, adding that her company planned to
sign “a fairly significant order” on Saturday.

The diverse group trade group includes major firms like
General Electric (GE.N: ), which has already sold over 800 wind
turbines to China, and First Solar Inc (FSLR.O: ), the world’s
leading and lowest-cost producer of solar photovoltaic cells.

Less well-known firms include Principle Power, based in
Locke’s home state of Washington, which is pitching a floating
support structure that would allow off-shore wind farms to be
placed in previously inaccessible locations where water depths
exceed 50 metres.

Locke, who began the trade mission on Monday in Hong Kong,
touts such joint ventures as “win-win” opportunities to create
new jobs in both countries and help reduce greenhouse gas
emissions.

“When climate change starts creating more deserts and less
water in northwest China and in the southwest United States, and
when rising sea levels flood Manhattan or Pudong in Shanghai, you
had better believe climate change is going to be bad for
business,” he said on Wednesday in Shanghai.

He has twinned his optimism about the opportunities for U.S.
clean energy exports to China with warnings about Beijing
policies that appear to be aimed at keeping out foreign firms.

At nearly every event, he has argued it is in China’s
longterm interest to use “the best technology”, no matter if it
is foreign or home grown.

A meeting at China’s Ministry of Science and Technology last
week had eased some of GE’s concerns about Chinese “indigenous
innovation policies,” said Mark Norborn, chief executive officer
of GE Greater China.

“It likely won’t address every problem completely, but I
think it will be better that what we’ve seen before that,”
Norborn said, referring to China’s recently released revised
draft regulations [ID:nN13147039].

Locke and U.S. Trade Representative Ron Kirk will raise U.S.
concerns about the indigenous innovation policy at the U.S.-China
Strategic and Economic Dialogue meeting beginning on Monday in
Beijing.

U.S. officials cautioned against expecting a breakthrough
announcement on the issue next week.

Stock Market Basics

(Editing by Lucy Hornby)

U.S. brings green power execs to red China