March 25, 2011

Chu: Wind, Solar Energy Becoming More Competitive

By the end of the decade, clean energy sources will not be more expensive than fossil fuels says Steven Chu, U.S. Energy Secretary.

Chu wants to create a national energy policy that has the U.S. investing in advanced battery technologies, biofuels and efficient high-voltage transmission systems, reports Bloomberg.

Policies for cleaner energy are being promoted by China and other nations. Chu feels that this is a race to capture the market.

"So the country and the companies who develop those renewable energy and resources that become cost competitive without subsidy all of a sudden have a world market. And, boy, we can't lose that world market," Chu points out.

Companies are being encouraged by the Obama administration to invest in green growth. They believe that China might be "stealing the march," and that through this growth, new jobs can be created.

Attempts to mandate curbs on carbon emissions that are blamed for the climate change have been rejected by U.S. Congress. The Republican Party argues that the reduction of our dependence on fossil fuels would cost too much money.

Despite oppositions, the Obama administration hopes to gain bipartisan support for encouraging renewable energy.

Even with the radiation concerns from the Japan crisis in March, both Parties defend the pursuit of nuclear power, which emits virtually no carbon emissions.

Chu believes that future generations of nuclear reactors will be a big part of U.S. energy policy. Bloomberg reports him to say that "small, modular nuclear reactors, less than a third the size of current units, are "much, much safer" than traditional reactors, which remain safe."


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