Janet Yellen warned in a Wednesday speech that China's surplus of clean energy products is depressing prices in global markets and squeezing U.S. green manufacturing.
The U.S. is trying to grow its own clean energy industry domestically with investments from new legislation, but is still playing catch-up with China's green energy sector.is treating the global economy as a dumping ground for its cheaper clean energy products, depressing market prices and squeezing green manufacturing in the U.S.said during a speech at a Georgia solar company called Suniva.
The secretary's concerns come as the White House tries to build a burgeoning clean energy industry domestically with investments from the 2022 Inflation Reduction Act, along with other legislation like the CHIPS and Science Act. Meanwhile, China has been pouring billions into clean energy for years, outpacing the rest of the world in the energy transition.