Green Options

Asia is investing hundreds of billions of dollars more than the US in clean technology, according to a new report by two research institutions. In the future, the US may be importing trillions of dollars of needed clean technology (and losing countless jobs to Asia) as a result.

In total, the report showed that China, Japan, and South Korea will invest about $509 billion in clean tech over the next 5 years, whereas the US (with our greenest President in decades, maybe ever) is only expected to invest $172 billion (about 3 times less) — this is assuming the climate and energy legislation in Congress passes.

If the US were to invest the same percentage of its Gross Domestic Product (GDP) as South Korea, it would invest almost $140 billion per year ($700 billion over this five year period)! Compared to China, the anticipated per-GDP investment ratio is 1:4 (US to China).

In 2008, Japan almost matched US R&D spending on energy and achieved almost the same number of international clean energy patents despite having dramatically lower GDP.

The financial investment is not the only thing giving these countries a major advantage in this field, though.

That is correct — not million but billion, not in one year but in one month! That is how much the US spent on imported oil in September 2009.

For those concerned about the US economy or national security risks, T. Boone Pickens and data from the US Department of Energy’s Energy Information Administration (EIA) show us that foreign oil imports should be at the top of our list. We rely very heavily on foreign oil and send a good chunk of our money to other countries to supply us with that oil — $25 billion last month alone!

Take a closer look.