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Today in Cleantech

Energy Secretary Steven Chu’s testimony before Congress is dominating today’s news. Chu is out with the message that politics didn’t influence his decision to grant the loan guarantee, nor did it affect his decision to allow private debt to become senior to government debt (meaning a group of investors will get repaid from the liquidation, not the government). I wonder if Republicans can keep this alive through next November, though it might be enough just wrap the message into a broader one about Obama’s failed stimulus package. At least the AP printed a quote from Chu reinforcing the key message, which is that if the government doesn’t step in with subsidies for cleantech, America should “accept defeat” in the clean energy race. What Chu really should say, but is too politically sensitive to say, is that the U.S. is getting crushed by China in clean tech and that if the feds don’t help out, the pummeling is only going to get worse.