The Chinese government will invest more money in the development of smart grid technology than the United States in 2010, according to a new market study.
China will spend more than $7.3 billion in the form of stimulus loans, grants and tax incentives this year, compared to $7.1 million by the U.S., according to an analysis by Zpryme, a Texas-based research firm.
“They’ve got a strong economy to push forward,” said Jason Rodriguez, director of research at Zpryme.
China’s emphasis on creating a cleaner and more efficient electricity grid has attracted the attention of major U.S. companies, including General Electric, IBM, and Hewlett Packard, who will push to capitalize on that investment. Last month, G.E. announced a partnership with the city of Yangzhou to develop a smart grid demonstration center to promote its technology in the Chinese market.
According to the analysis, smaller nations like France and Great Britain will spend less money on smart grid projects, but are nonetheless “already more advanced in smart grid infrastructure than the U.S.”
Article appearing courtesy Yale Environment 360.