Trump's New Policies Deal a Blow to U.S. Clean Energy, Chinese Electric Vehicles May Be the Biggest Winners

The Independent: Trump's New Policies Deal a Blow to U.S. Clean Energy, Chinese Electric Vehicles May Be the Biggest Winners

The Independent reported on July 4 that President Trump signed a new law that significantly cuts clean energy subsidies and provides tax benefits for the coal industry, triggering strong criticism from the industry. According to data from the think tank Ember, China currently produces 80% of the world's solar panels, 75% of batteries, and 70% of electric vehicles. Meanwhile, the new U.S. policy has eliminated the $7,500 subsidy for electric vehicles and imposed an annual $250 road use fee, twice that of gasoline vehicles. Ember analyst Kingsmill Bond said, "The U.S. advantage was allowing old industries to naturally fade out, but now it is hindering the process of creative destruction." Elon Musk, CEO of Tesla, called the bill a "repulsive monstrosity" and warned that it would cause the U.S. to fall far behind in energy technology competition. The International Energy Agency predicts that by 2035, the global market for electric drive technology will be eight times that of renewable energy. China is advancing economic electrification at an annual rate of 10%, and the share of electricity in total energy consumption has already exceeded 30%, becoming the first "electric superpower." Industry insiders point out that this move by the U.S. may accelerate China's dominance in the global electric vehicle and clean technology sectors.

Original article: https://www.toutiao.com/article/1836690107241484/

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