Officials from President Joe Biden’s administration warned leaders of the US clean energy transition this week to decarbonize quickly and keep the supply chain out of China’s control.energy conference in Houston reflects growing concern that the rapid investment it is encouraging to fight climate change could backfire if it empowers China.
Europe will remain vulnerable for years to spikes in global gas prices caused by even small gas supply outages, executives and officials at the conference said. The Biden administration has encouraged domestic clean energy manufacturing investment. The Inflation Reduction Act, passed last year, provides hundreds of billions of dollars in incentives to companies opening new projects on American soil.
“On the other side, I think nations need to think about their own energy independence, and it’s really important for us liberal democracies to make sure we have integrated, diversified supply chains,” he said. That risk “is overhanging our industry right now. It’s another factor that makes companies reluctant to initiate investments in long-term projects to meet the coming demand for copper,” he said. Copper, used in everything from electric vehicles to the power lines and transmission grids, is essential to an increasingly electrified society.
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