Green Technology at the Heart of $45B in US-China Export Deals
By ECOTRADE on 4/12/2011 02:48:54
With the state visit of China's President Hu Jintao in its second day, the White House and China announced more than $45 billion in export deals yesterday -- and more than two-thirds of them involve energy efficiency, emissions reduction and cleantech solutions.
Of the 31 transactions, projects and MOUs cited by the U.S. and China, 22 were green business deals involving more than a dozen U.S. firms including Duke Energy, General Electric, Alcoa, Cummins, Boeing, Pratt & Whitney, Honeywell and more. The arrangements include plans to develop technology for eco-friendly cities, renewable energy projects, carbon capture programs and solutions to make coal plants and mines more environmentally responsible.
"The United States and China are actively cooperating on a wide range of security, economic, social, energy, and environmental issues which require deeper bilateral engagement and coordination," the joint statement from the White House and China said. "The two sides view climate change and energy security as two of the greatest challenges of our time."
A White House fact sheet listing the U.S.-China export agreements and plans includes:
A pact between Duke Energy and ENN Group in China to develop technology used in building greener cities in China and the U.S.
A joint venture between General Electric and the China Shenhua Energy Company Limited that is aimed at advancing cleaner coal technology solutions for industrial chemicals, fuels, and power generation.
An agreement between GE and China Huadian Engineering Co. Ltd. to develop, market and sell decentralized energy combined heat and power generators as an alternative to coal-fired power plants. GE estimates that at least 50 DECHP gas turbine generator sets will be sold in China in the next 10 years.
A memorandum of understanding between Alcoa and the China Power Investment Corporation to collaborate on aluminum and energy projects representing an estimated $7.5 billion in investments.
An agreement between Cummins and the Zhengzhou Yutong Bus Company to jointly develop and commercialize hybrid power systems for buses in China.
A deal between Boeing Company and Air China to plan the first international flight using sustainable aviation biofuels. Boeing, Honeywell and Pratt & Whitney also agreed to offer technical support to Air China for the project.
An MOU between Honeywell and the Haier Group to collaborate on development and promotion of low-emission, energy efficiency products and solutions.
Taken together, the deals listed in the announcement support some 235,000 American jobs, U.S. President Barack Obama said.
As some news outlets pointed out, the deals listed in the statement from the White House aren't all new. Some build on existing agreements and some were announced previously. And while the estimated value of the deals seems impressive, it is dwarfed by the U.S. trade deficit with China, which is more than $250 billion.