CDB powers China’s clean-energy success
April 28, 2011 Category Alternative energy, Environment
China Development Bank (CDB) agreed last year to lend CNY232 billion to Chinese companies in the wind and solar power industry – 28% of its total lending. CDB, which has almost twice the assets of the World Bank, is using finance to take on America’s expertise in order to dominate a market both nations say is critical to their future. Chinese solar-panel makers, such as LDK Solar, were the biggest loan recipients and last year supplied more than half the global market, according to Bloomberg New Energy Finance. In addition to the CDB loans, state and private interests sank USD54.4 billion into China’s clean-energy companies last year. In the U.S., USD34 billion was invested, putting it behind Germany’s USD41.2 billion, too. “The danger for the U.S. is that by the time it wakes up, in place of the levy it currently pays to oil despots, it will pay a levy to overseas clean-energy companies,” said New Energy Finance’s Michael Liebreich. The CDB made a CNY35.3 billion profit in 2010.
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