While the Chamber of Commerce, swears up and down that U.S. companies shouldn’t share their clean technologies with China, Duke Energy (DUK) is going against the grain and signing up for a memoradum of understanding with Chinese power company China Huaneng Group:
News & Observer: The agreement is a one-year memorandum of understanding between Charlotte-based Duke, the third-largest U.S. utility, and China Huaneng Group, which produces 10 per cent of that nation’s coal-dependent electricity.
Under the agreement, Duke and Huaneng will begin a series of meetings to exchange information and explore long-term initiatives to reduce coal-plant emissions that contribute to climate change. They will also work on wind, solar and other forms of renewable energy.
This strikes us as a smart move for Duke on two fronts.
- Duke establishes a partner in China. That can’t hurt.
- It defrays the cost of researching clean coal.
As much talk and fear exists about losing jobs to China for clean energy projects, it’s going to be pretty much impossible to export electricity from China to the United States. If Duke can develop some sort of carbon capture technology at half the price, it seems like a no-brainer.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.