Milton Financials: Lack of direction from the U.S. administration may see it loose the renewable energy race.

A number of Asian countries are on the verge of toppling the U.S. in the race to build a renewable energy industry if Washington is unable to provide incentives.

China, India, South Korea, Malaysia and the Philippines are all now in a position to challenge the United States in the race to build a renewable energy industry because Washington is failing to provide sufficient incentives to fund development of alternative energy and to increase demand, a hearing chaired by the U.S. Representative Ed Markey was told recently.

"These nations have outpaced the U.S. in recruiting, incenting and developing domestic manufacturing of solar, wind, and battery technology," Milton Financials believes Ravi Viswanathan, a partner at New Enterprise Associates told the hearing.

China, which is taking serious steps to break into the wind turbine exporting field, already holds over 50% of the globe’s market for solar panels.

The Obama administration has failed to pass binding climate legislation this year which would have put a price on carbon emissions, Milton Financials believes the panel was told, making it vital that some laws be passed which would increase demand for alternative energy or the country would risk falling further behind.

Recently Democratic Senator Jeff Bingaman introduced a bill which would see utilities required to generate minimum amounts of alternative energy through a federal Renewable Electricity Standard (RES), but considering the current political climate in the U.S. the bill’s chance of success is uncertain.

Germany, Japan and China already all have specific governmental funds for the development of domestic alternative energy technologies where the U.S. is only just beginning this effort Milton Financials understands experts told the hearing.

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This release was published on openPR.