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Yellen says China's rapid buildout of its green energy industry 'distorts global prices'

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Treasury Secretary Janet Yellen is calling out China’s excess production in green energy, calling it unfair competition that “distorts global prices” and hurts companies and workers around the world.

Treasury Secretary Janet Yellen testifies during a Senate Finance hearing to examine President Joe Biden's proposed budget request for fiscal year 2025 on Capitol Hill Thursday, March 21, 2024, in Washington.

China is the dominant player in batteries for electric vehicles and has a rapidly expanding auto industry that could challenge the world’s established carmakers as it goes global. The International Energy Agency, a Paris-based intergovernmental group, notes that in 2023 ChinaYellen's remarks are to be delivered Wednesday afternoon at Suniva — a solar cell manufacturing facility in Norcross, Ga.

“These are concerns that I increasingly hear from government counterparts in industrialized countries and emerging markets, as well as from the business community globally,” she said.

 

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