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<ul class="summary-list"><li>China just issued draft regulations to rein in solar cell production.</li><li>This shows Beijing knows and is concerned about industrial overcapacity.</li></ul>China and the West are in disagreement over claims that the East Asian giant is <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">producing too much stuff</a> and depressing global prices.<a target="_blank" rel=" nofollow" href="https://english.news.cn/europe/20240507/0606e58b4cec4bb5ac749eacbda8d567/c.html">China has pushed back</a> against this notion, saying the West is trying to contain its economic growth.But Beijing recently released a new set of draft rules that show China knows and is concerned about overcapacity too — specifically in solar cell production.On Tuesday, China's industry ministry released new <a target="_blank" class="" href="https://www.miit.gov.cn/jgsj/dzs/gzdt/art/2024/art_16a86cc6229d4cf8b52c54dd01df7a74.html">draft regulation</a> to promote "high-quality development" in the industry. The draft rules are open for public consultation until Monday.The ministry did not explicitly target excess capacity but said in its proposal that it aims to guide solar cell companies to reduce manufacturing projects that "simply expand production capacity" while improving innovation, production, quality, and reducing production costs.China's industry ministry is looking to increase the ratio of capital that shareholders must invest in projects. This could limit the speed of industry expansion and curb overproduction.The new rules come as the solar industry deals with a glut of panels following years of breakneck growth. The sector is one key pillar of the country's <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">"new three" economic drivers,</a> so Beijing would want it to be sustainable.<h2 id="6cb67844-d629-4984-8a27-fc784059e960">China is producing more solar panels than the world can absorb</h2>As it stands, <a target="_blank" class="" href="https://www.businessinsider.com/china-solar-panel-supply-overcapacity-power-grid-demand-support-energy-2024-5">China is producing way more</a> solar panels than its power grid can handle. There's such a huge glut of solar panels worldwide that some people are using them as <a target="_blank" class="" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">garden fencing.</a>China's solar module manufacturing capacity nearly tripled in 2022 alone before gaining another 84% in 2023, commodities consultancy Wood Mackenzie wrote in a report in April.Ed Crooks, the vice-chairman of energy at Wood Mackenzie, called the surge "most dramatic."Last year, China — the world's largest solar energy producer — installed fewer panels than it produced, per Wood Mackenzie.The oversupply caused a plunge in solar cell prices that even Chinese manufacturers are up in arms about.In May, the China Photovoltaic Industry Association called for more mergers and acquisitions, as well as restrictions on domestic competition to control capacity.On Monday, Longi, a major Chinese solar maker, said in a <a target="_blank" rel="noopener" class="media-ui-Link_link-tVkXhPLPofs-" href="https://sns.sseinfo.com/resources/images/upload/202407/202407051955023663989150.pdf">stock filing</a> that 2024 will be a "difficult year" for the company and industry. The company laid off thousands of workers earlier this year."The entire industry does not have the ability to support further price declines in the short term," Longi said on Monday.

China basically just admitted it's also concerned about solar panel overcapacity

<ul class="summary-list"><li>Silver prices have soared 35% this year, hitting 12-year highs at about $32 an ounce.</li><li>Silver's rise is driven by industrial demand, especially for solar panels amid green-energy shifts.</li></ul>Record-high gold prices are in the spotlight — but it's really the yellow metal's poorer cousin, silver, that's outperforming in the price rally.<a target="_blank" href="https://markets.businessinsider.com/commodities/silver-price">Spot silver prices</a> have gained 35% this year to date, reaching 12-year highs. They're now about $32 an ounce.In comparison, <a target="_blank" href="https://markets.businessinsider.com/commodities/realtime-chart/gold-price">spot gold prices</a> are at about $2,350 an ounce but have gained just 14% so far this year.While gold's bull run has been driven by central banks' desire to <a target="_blank" href="https://www.businessinsider.com/dedollarization-usd-strong-china-pboc-central-banks-buy-gold-inflation-2024-5">diversify their assets</a> and a consumer flight to safety amid macroeconomic uncertainties — <a target="_blank" href="https://www.businessinsider.com/gold-price-china-consumers-central-bank-pboc-economy-concerns-dedollarization-2024-4">particularly in China</a> — silver's dazzling performance this year is underpinned by industrial demand.To be sure, there are industrial uses for gold, too, but as <a target="_blank" href="https://advisor.morganstanley.com/the-spooner-group/articles/investing/gold-vs-silver">Morgan Stanley</a> explained, half of all silver is used in heavy industry and technology."The fact that silver has been outshining gold in recent weeks is due mostly to its application in manufacturing," Daniela Hathorn, a senior market analyst at the online-trading platform <a target="_blank" href="https://capital.com/gold-and-silver-recover-from-last-week-s-pullback-but-face-resistance-ahead-of-us-pce">Capital.com</a>, wrote on Tuesday."Whilst it also attracts safe haven demand — even though not as much as its yellow counterpart — its industrial demand has been driving the moves higher given the resilience in <a target="_blank" href="https://fred.stlouisfed.org/series/INDPRO">manufacturing activity in the US</a>," Hathorn added.<h2 id="e5fef072-3c9d-4492-ba53-aec58d8b3d06">Silver is used in solar panels as well as general industry</h2>In particular, <a target="_blank" href="https://www.silverinstitute.org/silver-solar-technology-2/">silver is a key raw material for solar panels</a>. They're in demand amid the world's transition to sustainable energy, and China has raced to manufacture them.<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-29/china-s-silver-imports-set-to-jump-as-solar-demand-lifts-prices">Bloomberg</a> reported on Wednesday that China's silver imports hit a three-year high of 390 tons in December and then hit 340 tons in April — well above the monthly five-year average of 310 tons.China's demand for silver is so strong that domestic prices of the precious metal are higher than international prices; Bloomberg reported that this would likely lead to more imports to the East Asian nation in the coming weeks.<a target="_blank" href="https://www.silverinstitute.org/global-silver-demand-forecasted-to-rise-to-1-2-billion-ounces-in-2024/">The Silver Institute</a>, an industry association, said in January that global demand was set to outstrip supply for the fourth straight year in 2024.Other than solar panels, silver is also used in <a target="_blank" href="https://www.silverinstitute.org/silver-and-your-automobile/">electronics, as catalysts in industrial processes, and in car parts</a>.<h2 id="0654f5db-ded6-4bba-8ea6-70a92db686d3">China is overproducing solar panels</h2>Solar panels are a sore spot between the West and China.The US, Europe, and their allies <a target="_blank" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">accuse China of unfair trade practices</a>, including making and exporting so many solar panels — among other goods — that it's impacting their economies.Beijing has pushed back on the West's claims of overcapacity, saying they're aimed at containing China's economic growth.To be sure, there isn't overcapacity and overproduction in all sectors of China's industry, as a <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-04-02/us-europe-gripes-on-china-overcapacity-aren-t-all-backed-by-data?srnd=all">Bloomberg analysis</a> in April found. The problem is mainly in sectors in which China already had the upper hand over the West, such as lower-tech goods and building materials.China's production of solar panels and batteries also exceeds the demand for them. But the competition doesn't extend to a key emerging area of contention: electric vehicles.The West's hawkish moves toward China now follow the East Asian giant's breakneck industrialization to its position as the factory of the world over the past four decades. That quick ascendance wiped out jobs and decimated communities elsewhere — a phenomenon three researchers termed "<a target="_blank" rel="" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">China shock</a>."

Silver price gains are outshining gold's thanks to China's overproduction of solar panels

<ul class="summary-list"><li>Demand for solar jobs is growing in response to clean-energy goals and government incentives.</li><li>Many entry-level solar jobs don't require higher education, and they offer on-the-job training.</li></ul>The solar industry has some of the <a target="_blank" href="https://www.businessinsider.com/solar-panel-industry-electricity-generation-us-eia-tariff-prices-trade-2024-2">fastest-growing occupations</a>, with jobs just in solar-panel installation in the US <a target="_blank" href="https://www.bls.gov/ooh/fastest-growing.htm">expected to grow by 22%</a> by 2032.One reason is the desire to meet environmental goals. The US Department of Energy estimated in 2021 that the solar workforce could add over 1 million workers by 2035 to achieve the goal of decarbonizing the electrical grid.To support these goals, the federal Inflation Reduction Act provides tax credits for qualifying <a target="_blank" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">clean-energy investments</a>. <a target="_blank" href="https://unboundsolar.com/solar-information/state-solar-incentives">Many states</a> offer additional tax credits and rebates, and utility companies will sometimes cover some costs of solar installation.Individuals are looking to cash in on these incentives and avoid rising energy costs. The market-research company Grand View Research estimated that the size of the US residential solar market size was $7.5 billion in 2023. Corporations are getting in on the action, too: One year after the Inflation Reduction Act's passage, the White House said companies had announced more than $10 billion in solar-manufacturing investments.Compounding this demand is <a target="_blank" href="https://www.iea.org/reports/world-energy-employment-2023/executive-summary">a skilled-labor shortage</a> across clean-energy sectors, including positions in <a target="_blank" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">installation and repair</a>. "We're such a nascent industry that there's just not a deep pool of folks who have all of the background needed to do all of the jobs," said Kate Collardson, a senior manager of residential operations at the solar company Omnidian.<h2 id="0bca2b28-7d7e-4b17-822e-fb52b66ffe4b">Solar jobs offer a low barrier to entry and high growth potential</h2>However, the shortage means there are many affordable, accelerated solar training programs designed to help people get their foot in the door. For example, this year Goodwill Industries of Middle Tennessee added a free four-week solar-installation program to its career-training lineup. Karl Wendt, the organization's career and technical academy director, said graduates leave with the basic certifications and experience needed to be useful installers.<div type="image" title="headshot of Karl Wendt wearing a dark blazer over a white button-up" height="1238" width="1214" msid="111410018" hostid="261" sizebytes="39538"></div>The mean hourly wage for solar installers in May 2023 was $25.55, which Wendt said was impressive given people can land those jobs with a high-school diploma and four weeks of training. "If you compare it to other jobs for that skill level and that time horizon, it's competitive," he said, adding that starting as an installer is a strong way to begin a green-technology career involving higher-level positions with higher compensation.Companies are increasingly willing to hire <a target="_blank" href="https://www.businessinsider.com/sustainability-jobs-skills-gap-energy-transition-solar-carbon-emissions-2023-11">less experienced employees</a> and offer them on-the-job training. Martin Pochtaruk, the CEO of the solar manufacturer Heliene, told Business Insider that many of his employees appreciated advancement opportunities. "Operators that come in at an entry level have become shift supervisors within a year," he told BI.Collardson added that people with backgrounds in areas such as marketing, engineering, and law could apply their skills to jobs at solar companies.<div type="image" title="headshot of Martin Pochtaruk wearing a gray blazer over a white button-up." height="620" width="482" msid="111410021" hostid="261" sizebytes="23804"></div><h2 id="adcd0715-2659-4953-b9d8-d7e30f321c6c">The solar industry can support long-term careers</h2>While Collardson acknowledged that specific solar jobs could grow or shrink as incentives and demands change, they said they believe there will <a target="_blank" href="https://www.businessinsider.com/gen-z-climate-jobs-skills-gap-linkedin-2024-6">always be jobs in the solar industry</a> for those willing to be flexible.Collardson said they see a lot of <a target="_blank" href="https://www.businessinsider.com/climate-jobs-career-grow-pay-well-high-salary-2024">long-term promise</a> in their career path in operations and maintenance. "It doesn't matter how much solar we install on the planet — if the solar doesn't work, it doesn't mean anything," they said. "Operations and maintenance providers ensure that the solar is working."Wendt argued that training in solar now would help people get a head start in an industry that will continue to gain relevance. "You get in on the ground floor of anything that's growing very rapidly, and it's always going to be beneficial," he said.Pochtaruk said solar is <a target="_blank" href="https://www.businessinsider.com/new-passive-income-side-hustle-selling-electricity-neighbors-solar-panels-2023-12">far from a passing trend</a>. "This is not stopping," he said. "This is a force that is changing the way we work, the way we power our life, and, as such, is a great employment opportunity."

Solar jobs are in high demand and have a low barrier to entry — now is the time to break into the industry

<ul class="summary-list"><li>US solar companies accused Chinese firms in Southeast Asia of dumping cheap solar panels on the market.</li><li>A glut of solar panels has cut prices in half in the past year to as low as 10 cents per watt.</li></ul>The world is awash in solar panels after Chinese-owned firms flooded the market with cheap exports.Now, seven US solar companies are fighting back against what they say is a dire threat to <a target="_blank" href="https://www.businessinsider.com/how-georgia-became-green-manufacturing-capital-2024-3">America's efforts to build up a manufacturing sector of its own</a>.Companies including Qcells, First Solar, and Swift Solar on Wednesday asked the Biden administration to slap tariffs on solar cells from four countries in Southeast Asia. The US solar companies allege that Chinese-owned firms operating in Cambodia, Malaysia, Thailand, and Vietnam are illegally undercutting the market.The request follows an unprecedented wave of imports from the region last year. Those four countries combined accounted for about 80% of US solar panel imports during the second half of 2023, <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/extreme-dependence-us-solar-panel-imports-boom-to-record-54-gw-in-2023-80448513">according to S&amp;P data</a>. There is now an 18-month supply of solar panels sitting in warehouses, and prices have been cut in half in the past year to as low as 10 cents per watt. In Germany, panels are so cheap that they're <a target="_blank" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">being used to line garden fences</a>."In the past, we've been dependent on foreign oil from our adversaries," Tim Brightbill, a partner at Wiley Rein LLP representing the solar companies, told reporters. "We should not make the same mistake with respect to solar power. Solar was invented here. It was perfected here. There is no reason why America should be dependent on Chinese companies."The petition by US solar companies comes at a critical time for President Joe Biden. On the campaign trail, he's touted how his policies to tackle the climate crisis are creating jobs. More than $111 billion worth of investment has been announced<a target="_blank" href="https://e2.org/announcements/"> in renewable energy manufacturing projects alone</a>, largely fueled by tax breaks in the Inflation Reduction Act.But US solar makers say their businesses can't compete without stronger safeguards against China, which is outpacing US investment by hundreds of billions of dollars a year. CubicPV, a Massachusetts-based company, in February canceled plans for a new factory and cut its workforce in half, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/020924-bill-gates-backed-solar-upstart-cancels-us-factory-in-reshoring-gut-check">citing the collapse in solar prices.</a>Industry <a target="_blank" href="https://www.woodmac.com/press-releases/china-dominance-on-global-solar-supply-chain/">analysts estimate that China accounts</a> for more than 80% of global solar production, with much of the rest occurring in Southeast Asia and funded by Chinese-headquartered firms.US trade policy blocks solar panel imports directly from China. But the Commerce Department <a target="_blank" href="https://www.commerce.gov/news/press-releases/2023/08/department-commerce-issues-final-determination-circumvention-inquiries">last year determined</a> that five Chinese companies were shipping products through Southeast Asian countries to avoid steep taxes at the US border. Despite the findings, the Biden administration held off on imposing tariffs because they will be reinstated in June when a two-year waiver expires. That waiver was initially implemented to ensure the US could keep expanding solar power to meet climate goals while domestic manufacturers built up their operations.But in recent weeks, administration officials, <a target="_blank" href="https://www.youtube.com/watch?v=S-y3YnAlU1o">including Treasury Secretary Janet Yellen,</a> have said the US is evaluating new strategies to counter China's dominance over green technology, including tariffs.The petition by US solar companies — known as an anti-dumping and countervailing duty case — could lead to that. It kicks off a yearlong investigation by the US Commerce Department and International Trade Commission. The agencies will look at solar subsidies in Southeast Asian countries, as well as subsidies from the Chinese government. The probe will help determine whether solar panels were sold in the US at prices below the cost of production.China, for its part, has dismissed the concerns. After Yellen met with Chinese Premier Li Qiang in April, his office <a target="_blank" href="https://www.nytimes.com/2024/04/19/business/chinese-export-surge-solar-boom.html">told The New York Times</a>: "The development of China's new energy industry will make an important contribution to the worldwide green and low-carbon transition."

The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies

<ul class="summary-list"><li>China has produced an excess of solar panels, causing overcapacity issues domestically and abroad.</li><li>The US, the European Union, and China are facing challenges because of the glut of solar panels.</li></ul>China has made a lot of solar panels, dramatically lowering prices and helping the country's clean-energy transition.The problem is that Chinese manufacturers seem to have made <a target="_blank" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">too many solar panels</a>, according to the US, the European Union, and their allies. They're now calling on Beijing to <a target="_blank" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">rein in the overcapacity</a> of the panels and other goods, raising prospects of a trade war.China's facing its own overproduction problem at home following a breakneck pace of growth in solar energy — one key pillar of the country's <a target="_blank" href="https://www.businessinsider.com/china-economy-new-growth-areas-electric-vehicles-batteries-solar-property-2024-1">"new three" economic drivers</a>. <a target="_blank" href="https://www.reuters.com/business/energy/chinas-blistering-solar-power-growth-runs-into-grid-blocks-2024-05-22/">Reuters</a> reported on Wednesday that China had installed so many solar panels that they were generating excess power that the country didn't have storage or transmission capacity for.Such overcapacity prompted Chinese authorities to withdraw some price support for the sector, leading to fewer solar-panel installations, Reuters reported.China was setting up solar panels at a rapid pace in the first quarter of 2024, with the installation rate jumping by more than one-third year on year, according to official data. But this growth was much slower than in the 154% surge in the same quarter of 2023.As of March this year, China — the world's largest solar-energy market — had installed <a target="_blank" href="https://www.gov.cn/lianbo/bumen/202404/content_6946830.htm">660 gigawatts</a> of capacity. The US, meanwhile, ended 2023 with <a target="_blank" href="https://www.seia.org/solar-industry-research-data">179 gigawatts</a>, enough to power 33 million American homes.<h2 id="44870cd7-3e4f-4538-8a4f-f8d96b274a15">China's solar-panel overcapacity may be exported</h2>A <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-04-02/us-europe-gripes-on-china-overcapacity-aren-t-all-backed-by-data?srnd=all">Bloomberg analysis</a> in April found that Chinese manufacturers were producing more solar panels than people wanted to buy domestically,Given the oversupply at home, this development points to one possibility that won't be welcomed by the West: China continuing to dump its excess solar panels on the international market.Chinese manufacturers are feeling the heat from solar-panel overcapacity, too.In March, <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-03-19/longi-layoffs-speed-shift-in-solar-production-away-from-china">Longi Green Energy Technology</a>, the world's largest solar-cell manufacturer, announced it was laying off thousands of workers amid overcapacity and low prices.China's solar-panel overcapacity is so bad that the China Photovoltaic Industry Association is calling for more mergers and acquisitions, as well as restrictions on domestic competition to control capacity, as it said in a post on its official <a target="_blank" href="https://mp.weixin.qq.com/s/HYtcKQ-9RLARZNkRM3Aj7w">WeChat</a> account on Tuesday.Earlier this month, US President Joe Biden announced he would <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/05/14/fact-sheet-president-biden-takes-action-to-protect-american-workers-and-businesses-from-chinas-unfair-trade-practices/">double tariffs on Chinese solar-cell imports</a> from 25% to 50%.<a target="_blank" href="https://english.news.cn/europe/20240507/0606e58b4cec4bb5ac749eacbda8d567/c.html">China has pushed back</a> against the West's idea of industrial overcapacity. Beijing says the bloc is trying to contain its economic growth.<h2 id="6a9de6c9-0378-4c75-a4ba-972b729ed56e">Germany's energy prices are under pressure from too much solar energy</h2>It's not just China getting hit by an excess of solar energy.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/solar-panel-supply-german-electricity-prices-negative-renewable-demand-green-2024-5">Germany</a>, too, has been producing so much solar energy that energy prices have fallen into negative territory when output peaks.But experts say these are just bumps in the world's energy transition away from fossil fuels to green energy, which, in its next phase, will focus on optimizing supply and demand."Every country in the world that is installing a lot of renewables and then facing the challenges that arise from all this variable intermittent generation is searching for smart ways, intelligent AI-enabled or at least model-backed approaches to distributing this power and using it in the most efficient and effective way," David Fishman, a senior manager at the economic consultancy The Lantau Group, told Reuters."Certainly, that's where China is heading," he added.

China made so many solar panels that even its own grid can't support all the energy produced

<ul class="summary-list"><li>Chinese manufacturers are causing a global glut of solar panels.</li><li>Solar panels have become so cheap that some people are using them to line fences.</li></ul>China's manufacturers are pumping out so many solar panels that the resulting global glut has caused prices to tank.Solar panels — 80% of which are <a target="_blank" href="https://www.woodmac.com/press-releases/china-dominance-on-global-solar-supply-chain/">made in China</a> — are so cheap that they are now being used to line garden fences in Germany and the Netherlands, the <a target="_blank" href="https://www.ft.com/content/2ea6bf6d-04e9-453b-a35f-cd6431cfc7bf">Financial Times</a> reported on Tuesday.Solar panels are typically installed on rooftops, where they can capture the most sunlight — but there's so much excess supply that people in these two countries are now putting them on fences. This also saves on pricey labor and scaffolding costs required for roof installations, per the FT.Fences covered in solar panels are also starting to take off in the <a target="_blank" href="https://www.thesun.co.uk/money/23327884/privacy-fence-in-solar-panels-electricity/">UK,</a> <a target="_blank" href="https://www.pv-magazine.com/2024/01/16/solar-fences-stand-out-in-australian-market-simulation/">North America, and Australia.</a>"Why put up a fence when you can just put up a load of solar panels, even if they're not aligned exactly to the sun?" Martin Brough, the head of climate research at BNP Paribas Exane, told the FT.Solar panel supply globally is forecast to reach 1,100 gigawatts by the end of this year — three times more than demand, the International Energy Agency wrote in a <a target="_blank" href="https://iea.blob.core.windows.net/assets/96d66a8b-d502-476b-ba94-54ffda84cf72/Renewables_2023.pdf">report released in January.</a>Prices on the spot market have already fallen by half in 2023 and are likely to extend decline by another 40% by 2028, the agency added.China's hold on the solar panel market is now in a state of oversupply, which means manufacturers elsewhere — such as the US and Europe — are unable to compete effectively.The oversupply of cheap Chinese solar panels is on US <a target="_blank" href="https://home.treasury.gov/news/press-releases/jy2218">Treasury Secretary Janet Yellen's</a> radar as she heads to China on Wednesday for meetings with top Chinese officials. The visit, slated to end Tuesday, is her second trip to China in the past 12 months."During her engagements in China, Secretary Yellen will advocate for American workers and businesses to ensure they are treated fairly, including by pressing Chinese counterparts on unfair trade practices and underscoring the global economic consequences of Chinese industrial overcapacity," the Treasury said in a press release on Tuesday announcing Yellen's visit.Last week, <a target="_blank" href="https://home.treasury.gov/news/press-releases/jy2214">Yellen said</a> at a Suniva solar cell plant in Georgia that she was "concerned about global spillovers from the excess capacity that we are seeing in China" that have now hit new energy industries like solar, electric vehicles, and lithium-ion batteries.Beijing is championing what it calls the <a target="_blank" rel=" nofollow" href="https://www.gov.cn/yaowen/liebiao/202308/content_6897581.htm">"new three" industries</a> of solar, electric vehicles, and lithium-ion batteries to drive its economy. China is struggling to pivot from its reliance on the real-estate industry, which is now mired in a <a target="_blank" href="https://www.businessinsider.com/evergrande-ordered-liquidate-china-real-estate-property-crisis-winners-assets-2024-1">debt crisis.</a>"China's overcapacity distorts global prices and production patterns and hurts American firms and workers, as well as firms and workers around the world," Yellen said, adding that she will raise the issue of overcapacity in her next trip to China."I will convey my belief that excess capacity poses risks not only to American workers and firms and to the global economy, but also to productivity and growth in the Chinese economy," Yellen added.Chinese manufacturers are feeling the heat from solar panel overcapacity, too.Last month, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-19/longi-layoffs-speed-shift-in-solar-production-away-from-china">Longi Green Energy Technology,</a> the world's largest solar cell manufacturer, announced it was laying off thousands of workers amid overcapacity and low prices.

China has flooded the market with so many solar panels that people are using them as garden fencing

<ul class="summary-list"><li>Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable.</li><li>The West has recently stepped up criticism over China's dumping of cheap green products on the global markets.</li></ul>China's green industries have an unlikely ally in Saudi Aramco — the world's largest oil company — who praised the world's second-largest economy for making solar panels and electric vehicles affordable."China really helped by reducing the cost of solar energy," Amin Nasser, the CEO of state-owned Saudi Aramco, said at the World Energy Congress in Rotterdam on Monday, according to the <a target="_blank" href="https://www.ft.com/content/c382eec3-5b03-48ec-8acf-5589fdaa6527">Financial Times.</a>"We can see the same now in electric vehicles. Their cost is one-third to one-half the cost of other electric vehicles," Nasser added, as he called for globalization and collaboration, per the FT.Because China has made these green products <a target="_blank" href="https://www.businessinsider.com/china-flood-solar-panel-cell-market-garden-fence-overcapacity-yellen-2024-4">so affordable,</a> they will help the West achieve its target of cutting carbon emissions to a <a target="_blank" href="https://www.un.org/en/climatechange/net-zero-coalition">net zero level by 2050,</a> said Nasser.<h2>The West has hit out against China's overcapacity</h2>Nasser's comments came amid the West's criticism that China has been dumping cheap solar panels and EVs on the global markets.Earlier this month, US Treasury Secretary Janet Yellen slammed <a target="_blank" rel="" href="https://www.businessinsider.com/china-economy-overcapacity-dumping-manufacturing-exports-economic-woes-world-yellen-2024-4">overcapacity and overproduction in China</a> during a visit to the East Asia nation."China is now simply too large for the rest of the world to absorb this enormous capacity," <a target="_blank" rel="" href="https://home.treasury.gov/news/press-releases/jy2241">said Yellen.</a> She warned China against <a target="_blank" rel="" href="https://www.businessinsider.com/china-shock-explainer-us-economy-trade-dumping-supply-glut-yellen-2024-4">repeating</a> its actions over a decade ago when it dumped products like steel on the global markets, decimating industries and communities.Last week, <a target="_blank" href="https://apnews.com/article/scholz-china-eu-competition-dumping-evs-cf6187cc4fbc1489837edeba5b2b70d9">German Chancellor Olaf Scholz,</a> too, echoed Yellen's concerns during a visit to China when he called for fair competition.Beijing has hit back against the West's accusations of dumping, framing the criticism as a tactic to limit China's economic development.China, the world's second-largest economy, is undergoing a painful transition from its previous growth drivers of real-estate and lower-end manufacturing to the hot new sectors of EVs, solar cells, and lithium batteries.<h2>Saudi Arabia looks to foster closer ties with China</h2>Nasser's praises of China also came at a strategic time for Riyadh's relationship with Beijing.Unlike the West, Saudi Arabia is cozying up to China.In January, Faisal Alibrahim, the Saudi Arabian minister of economy and planning, told the Nikkei that his country thinks it's "very wise" to strengthen its relationship with China, among other partners."There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. "At the same time, we are prioritizing, investing all around the world, including China in terms of the opportunities there."Saudi Arabia is trying to <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-roadshow-china-investor-interest-funding-2024-4">attract Chinese investors to pump money into its Neom megacity project on the Red Sea, which</a> aims to drive the kingdom's economic diversification away from oil to sectors including tech and tourism.As a key contributor to Saudi Arabia's economy, Aramco has good reasons to build closer ties with China amid the West's commitment to reduce fossil fuel consumption.On Monday, <a target="_blank" href="https://www.aramco.com/en/news-media/news/2024/aramco-in-talks-to-acquire-10-percent-stake-in-chinese-company-hengli-petrochemical">Aramco</a> announced it's in talks to acquire a 10% stake in China's Hengli Petrochemicals — the latest in a <a target="_blank" href="https://www.reuters.com/markets/deals/chinas-hengli-petrochemical-says-saudi-aramco-talks-buy-10-company-2024-04-22/">string of deals with Chinese refiners</a> in less than 12 months. The deals are poised to expand Aramco's footprint in China.In March last year, China brokered a détente between <a target="_blank" rel="" href="https://www.businessinsider.com/china-succeeding-in-middle-east-because-learned-from-us-failures-2023-4">Saudi Arabia and Iran,</a> prompting concerns over waning US influence in the Middle East.Despite Saudi Arabia and China's developing relationship, the Chinese aren't quite present on the ground in Saudi Arabia, Jon Alterman, the director of the Middle East program at the Center for Strategic and International Studies, said in a <a target="_blank" href="https://www.csis.org/analysis/china-and-middle-east#:~:text=The%20Chinese%2DSaudi%20relationship%20is,as%20the%20CSS%2D2%20missiles.">testimony</a> before the US-China Economic and Security Review Commission on Friday."It is clear to Saudis that the country needs a robust relationship with China," said Alterman. "Even if China doesn't replace the United States, Saudi Arabia sees China as an important check on the United States, and an important supplement to what the United States is willing to provide to China."

Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition. In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. She stated that energy transition is critical in the fight against climate change. To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. The R&amp;D funding announced in the interim budget will be made available for this sector, she added. The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a>

FM cuts customs duty on minerals critical for energy transition

IPOs of <keyword id="22105289" type="General" weightage="20" keywordseo="Aasan-Loans" source="keywords">Aasan Loans</keyword> (<keyword id="22105288" type="General" weightage="20" keywordseo="Akme-Fintrade" source="keywords">Akme Fintrade</keyword> India) and <keyword id="22105291" type="General" weightage="20" keywordseo="DEE-Piping-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="DEE Piping Systems" meta.hostid="261" meta.entityid="DEE Piping Systems">DEE Piping Systems</keyword> (DEE Development Engineers Limited) are set to hit the D-street for subscription today, and will close on Friday, 21st June. With a price band of Rs 114-Rs 120, Aasan Loans, which offers loans to rural and semi-urban populations, aims to raise 132 crores via a fresh issue of 1.1 crore shares. With its niche in vehicle and business financing, experts are advising staying away from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, given how competitive the Indian NBFC space is. The company also harbours significant NPAs, and has had some compliance issues in the past as well. The other mainboard IPO, <keyword id="22105286" type="General" weightage="100" keywordseo="DEE-Piping" source="keywords">DEE Piping</keyword> Systems, intends to raise Rs 418 crore via combination of fresh issue and offer for sale (OFS). While Rs 325 crores will be raised via fresh issue, Rs 93.01 crores will be raised via OFS. With its price band set between Rs 193-Rs 203, DEE specialises in providing piping solutions to oil, gas, chemicals and power industries. <cmsannotation type="cmsannotation" annotationid="SME IPO dashboard" comment="subhead" text="SME IPO dashboard">SME IPO dashboard</cmsannotation> While these are mainboard IPOs, 3 small and medium enterprises (SME), namely <keyword id="22105292" type="General" weightage="20" keywordseo="Falcon-Technoprojects-India" source="Orion">Falcon Technoprojects India</keyword>, <keyword id="22071172" type="General" weightage="20" keywordseo="Durlax-Top-Surface" source="Orion">Durlax Top Surface</keyword> and <keyword id="22105290" type="General" weightage="20" keywordseo="Gem-Enviro" source="keywords">GEM Enviro</keyword> are also opening for subscription today. The company, which aims to raise Rs 13.69 crore, offers mechanical and plumbing services, which includes installing air conditioners, water supply and lighting systems. Its share price has been set at Rs 92. The other company on the SME dashboard is Durlax Top Surface, which has 2 brands, namely LUXOR and ASPIRON. The company manufactures solid surface materials, which include UV acrylic solid sheets. The company wants to raise Rs 40.80 crore, out of which Rs 28.56 crore will be raised via fresh issue, and the remaining will be accumulated via offer for sale. The stock’s price band is set between Rs 65-68. Gem Enviro, which specialises in plastic waste management and recycling, aims to raise Rs 44.93 crore via this IPO. Stock analyst Dilip Dawda recommends investing in this IPO for medium to long-term gains, given that the company has paid dividend over the past 2 years <cmsannotation type="cmsannotation" annotationid="IPOs closing today" comment="subhead" text="IPOs closing today">IPOs closing today</cmsannotation> IPOs of <keyword id="22105287" type="General" weightage="20" keywordseo="GPES-Solar" source="keywords" meta.keywordsubtype="org" meta.entityname="GPES Solar" meta.hostid="261" meta.entityid="GPES Solar">GPES Solar</keyword>, which opened on 14th June, and United Cotfab, which opened on 13th June, are closing today. GPES Solar, which is in the business of solar inverters and panels, aims to raise Rs 31 crore. Its IPO was oversubscribed around 408.3 times. Retail investors oversubscribed to the share by around 519.57 times. However, Dawda recommends subscription to this IPO only if you are a market veteran and have surplus, long-term funds to park. The IPO of United Cotfab, which manufactures open-end cotton yarn, is also closing today. It was oversubscribed by 48.27 times in the retail investor category. While the company intends to raise Rs 36.29 crore entirely via fresh issue, experts have raised concerns about the company’s profitability and sustainability.

IPO Overview : DEE Piping, Akme Fintrade, GPES Solar

<keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="261" meta.entityid="Reliance Industries">Reliance Industries</keyword>, under the leadership of <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, showcased its vision for the future during the company’s Annual General Meeting (AGM) that was held today (August 29). During the AGM, <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> laid out ambitious plans that span across its diverse businesses. The conglomerate, which has interests ranging from oil to telecom to retail, is positioning itself as a key player in India’s growth story, with a particular focus on <keyword id="20239522" type="General" weightage="20" keywordseo="technological-innovation" source="keywords">technological innovation</keyword>, energy security, and retail expansion. <h2>Not chasing short-term profits</h2><keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, during his speech, said that Reliance is not merely chasing short-term profits but is dedicated to creating long-term wealth for the nation. He reiterated the company’s commitment to providing high-quality products and services that enhance the lives of Indian consumers. The chairman announced that the company’s board will consider issuing bonus shares on September 5, further rewarding shareholders as Reliance continues to grow. <h2>Transforming into a deep-tech company</h2>A major theme of the AGM this year was Reliance’s transformation into a deep tech company, with advanced manufacturing capabilities at its core. Ambani described this shift as essential to securing a place in the global top-30 companies in the near future. He highlighted the company’s strategic adoption of artificial intelligence (AI), calling it one of the most transformative events in human history. AI, he noted, opens up new avenues to address complex problems, making Reliance a net producer of technology. Reliance has been making significant strides in R&amp;D, with over ₹3,643 crore invested in FY24 alone, taking the total research expenditure to over ₹11,000 crore in the last four years. This investment is driving innovations in various areas, including bio-energy, solar power, green energy, and high-value chemicals. The company has also been active in digital research, filing patents in 6G, 5G, AI, and IoT, among others. Ambani assured that this tech-driven transformation would propel Reliance into a new phase of hyper-growth, multiplying its value in the coming years. <h2><keyword id="20337020" type="General" weightage="20" keywordseo="retail-business" source="keywords">Retail business</keyword> to double</h2>In addition to technological advancements, Reliance Retail, the company’s retail arm, is set to double its business in the next three to four years. Isha Ambani, Director of Reliance Retail, shared that the retail segment recorded a gross revenue of ₹3.06 lakh crore for the financial year ending March 31, 2024, marking a 17.8% growth over the previous year. The retail business has rapidly expanded, with Reliance opening 1,840 new stores in the past year, bringing the total to 18,836 stores across 79 million square feet of retail space. This growth has positioned Reliance Retail among the top-5 global retailers in terms of store count and among the top-10 in market capitalization globally. Isha Ambani emphasised that much of this growth is driven by a focus on smaller towns, where two-thirds of the new stores have been opened. Reliance Retail is also focused on creating high-quality, affordable products through its Consumer Brands business, which has seen the re-launch of popular brands like Campa, Lotus Chocolates, and Sosyo. Mukesh Ambani concluded by underscoring Reliance’s mission to provide energy security to India while also contributing to a cleaner and greener world. As the global landscape becomes increasingly uncertain, he expressed confidence in India’s role as a key growth engine in the global economy. The International Monetary Fund (IMF) projects that India will become the world’s third-largest economy by 2027, surpassing Japan and Germany. Ambani affirmed that Reliance will continue to be a driving force in India’s march toward becoming a developed nation.

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

India’s <keyword id="20312255" type="General" weightage="20" keywordseo="Business-Process-Management" source="keywords">Business Process Management</keyword> (<keyword id="700088" type="General" weightage="20" keywordseo="bpm" source="Orion">BPM</keyword>) industry is defying predictions that generative artificial intelligence (Gen-<keyword id="6355999" type="General" weightage="20" keywordseo="ai" source="Orion">AI</keyword>) could pose challenges for them. Instead, the sector is making a bold bet on AI and skilled talent to fuel its resurgence. With significant investments underway, industry leaders are confident that these efforts will show results within the next 3-5 years. “All of us are investing. And, the ROI will start coming in the next 3-5 years,” Harita Gupta, Head of Global Experience, SVP Global Business Operations Solutions and Support at Sutherland and the chairperson of <keyword id="19955786" type="General" weightage="20" keywordseo="Nasscom" source="keywords" meta.keywordsubtype="org" meta.entityname="Nasscom" meta.hostid="261" meta.entityid="Nasscom">Nasscom</keyword> BPM Council. She shared these insights during a panel discussion on “Data, Technology, Skill and Customers – The New Value Levers for BPM in India,” hosted by Business Insider India. Leaders in the <keyword id="21482461" type="General" weightage="20" keywordseo="BPM-industry" source="keywords">BPM industry</keyword> are confident about <keyword id="19985355" type="General" weightage="20" keywordseo="Gen-AI" source="keywords">Gen-AI</keyword>’s potential to create markets that have never existed before, help them do what they have already been doing for a decade more efficiently, and transform their companies into AI-driven enterprises. The Indian BPM industry generated $48.9 billion revenue as of FY24. <div type="Youtube" id="utbJS9i9RgA" title="Unlocking New Value Levers For BPM In India: The Role Of Data, Tech, Skill And Customers" thumbUrl="https://i.ytimg.com/vi/utbJS9i9RgA/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=utbJS9i9RgA]]></url></div> <h2>Tapping into emerging <keyword id="21859797" type="General" weightage="20" keywordseo="talent-hubs" source="keywords">talent hubs</keyword></h2> Traditionally, it is present in India’s metro cities, like Delhi, Bombay, Bombay and Pune. In its second innings, the BPM industry has shifted its focus to Tier-II and Tier-III cities, which offer a wealth of talent, lower operational costs and more accommodative regulations. “The industry has started to take jobs to where the talent is rather than the other way around,” remarked Sapna Bhambani, the Senior VP of Operations and Geo Leader at TaskUs. She highlighted that over half of TaskUs’ business is now based out of Tier-II cities with Indore and Mohali leading the way. “The states where the government is extending a helping hand are the most successful emerging hubs,” Bhambani added. Nasscom too is keen on Tier-II and Tier-III cities for the expansion of the BPM industry, identifying Lucknow, Kanpur, Coimbatore, Trichy, Indore, Bhopal, Vizag and Vijayawada as notable emerging hubs. Gupta emphasised that the industry body will be working hand-in-hand with the universities and institutions in the area to build talent pipelines and garner support. And hiring from Tier-II cities is not just about tapping into new talent pools; it’s also improving employee retention, which has been a pain point for the industry in recent years. Tech Mahindra has tried to counter this by hiring for non-frontline roles from within the company, rather than hiring new talent. However, as Venkatesh Korla, the CEO of Americas at Hinduja Global Solutions (HGS) pointed out, a cultural shift is still needed to rebrand BPM jobs. “It’s changing. It’s not 100 percent there yet… They’ve realised there’s a lot more stickiness and a lot more opportunity in the BPM space, and we see talent also want to take on these jobs,” Korla explained. <h2>Creating new markets</h2>Most AI processes are trained using large language models (LLMs). Many, GPT-Neo and BERT, are open-source, which means they’re free for anyone to use. However, enterprises are looking to build their own LLMs in-house to train their AI products primarily to maintain control over proprietary data – a move that opens up new opportunities for BPM firms. “Large SAS companies want to integrate their own LLM in their products and they require the same BPM services to actually train their models. That’s a huge opportunity,” Birendra Sen, the President of Business Process Services at Tech Mahindra, told Business Insider. <h2>The need for experimentation</h2>While the use of Gen-AI in the BPM industry is widespread, many initiatives are still in the Proof of Concept (POC) stage. This implies that while there is investment, both in terms of money and manpower, directed at creating more Gen-AI led solutions, they may not necessarily succeed. “If something fails, we just fail fast and move,” Gupta told Business Insider. Moreover, leaders like Venkatesh Korla view AI as a transformative tool that complements human expertise rather than replacing it. “AI is going to help in coaching, compliance, and in quality control. I call this the Iron Man's suit or the J.A.R.V.I.S. for Iron Man because it never replaces the human inside the suit. So, that's really how we need to look at it,” Korla remarked. India’s BPM sector has demonstrated resilience and adaptability in the face of previous challenges, such as the rise of automation and the shift towards digital services. It is now poised to reinvent itself, this time by integrating AI with human expertise and expanding into new talent hubs. With a strong focus on innovation and upskilling, industry leaders are optimistic about the future, anticipating that these strategic moves will secure India’s position as a global leader in the BPM landscape over the next few years. This article is part of a four-part webinar series in partnership with Nasscom. These monthly webinars aim to delve deep and offer insights into the evolving BPM landscape. You can watch the full video of the first session <a href="https://www.youtube.com/watch?v=utbJS9i9RgA">here</a>. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

The future of BPM in India: AI, talent hubs and a new growth strategy

<ul class="summary-list"><li>Tariffs are back on cheap solar products coming from Southeast Asia.</li><li>The duties were paused to ensure US access to solar, but caused a supply glut.</li></ul>Tariffs are finally in play on cheap solar imports from Asia after a two-year moratorium on the restrictions expired on Thursday.The renewal of these taxes, which target Chinese-affiliated solar products exported from Southeast Asia, is an early step in leveling the playing field for US manufacturers, one analyst told Business Insider.The end of the moratorium should ease price volatility, bringing "a level of stability to the marketplace that, frankly, it's good for developers, it's good for producers, it's good for everybody," Mike Carr, executive director of the Solar Energy Manufacturers of America, said.In 2023, the Department of Commerce <a target="_blank" href="https://www.whitecase.com/insight-alert/us-department-commerce-determines-imports-southeast-asia-are-circumventing-addcvd">determined</a> that Chinese solar was making its way into the US duty-free, despite tariffs on imports from the country. Instead, Chinese producers would route their modules through Southeast Asia, which traded freely with the US.To close the loophole, the department issued tariffs on these regions as well. But their impact has never been felt, given a pre-emptive pause on the legislation, which just expired.Behind the tariff moratorium were White House concerns that the restrictions could hinder US energy transition, as domestic solar production was still nascent.But this gave way to a flood of cheap imports, causing solar prices to crater last year.In Carr's telling, that's because Southeast Asian producers never stopped manufacturing despite pausing trade during the department's investigation. Once the pause on tariffs took effect, the region unloaded, causing the massive supply glut."The level of imports far exceeded what was happening before the moratorium was put in place, and it just absolutely flooded our markets as well to an unprecedented level," Carr said. "And so when that happened, that created just massive uncertainty around pricing going forward in our market, as prices continued to fall. And so it did have an effect of killing some of the investment."In one extreme, the oversupply of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/solar-panel-price-cut-oversupply-us-renewable-energy-market-demand-2024-1">solar panels cause global pricing to drop by half</a> last year, with China driving the flood of supply. Meanwhile, solar shipments from Southeast Asian producers have not slowed, and accounted for 87.5% of US module imports in the first quarter, <a target="_blank" href="https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/us-solar-panel-imports-near-record-levels-as-trade-probe-proceeds-81835205">S&amp;P Global</a> said.The tariffs could eventually bring upside for US producers, and Carr indicates that a 25%-30% price correction for solar modules could materialize.However, he emphasized that pricing isn't a leading driver of solar deployment, and analysts should not focus too much on prices to measure the industry's performance.Instead, the tariffs could succeed in calming volatility in the market and bringing back needed investment in the space, he said.At the same time, there are other positives for the domestic industry to look forward to, David Feldman of the National Renewable Energy Laboratory told BI. The market could soon see further guidance on tax credits related to the Inflation Reduction Act and trade adjustments to boost US competition.Since the the moratorium was lifted on Thursday, two major Chinese solar companies announced suspensions in Southeast Asian facilities, <a target="_blank" href="https://www.reuters.com/sustainability/climate-energy/chinas-longi-says-some-southeast-asia-plants-reported-closed-by-media-are-still-2024-06-07/">Reuters</a> reported, as analysts expect import volumes to slow.Meanwhile, US producers are calling for more protections, with a coalition of manufacturers petitioning the Commerce Department to <a target="_blank" href="https://www.cnbc.com/2024/04/24/solar-manufacturers-petition-us-to-impose-tariffs-on-some-imports.html">impose more tariffs</a>.

You Searched For "indian solar panel industry" and got 12 results

China basically just admitted it's also concerned about solar panel overcapacity

Huileng Tan

Silver price gains are outshining gold's thanks to China's overproduction of solar panels

Huileng Tan

Solar jobs are in high demand and have a low barrier to entry — now is the time to break into the industry

Erin Greenawald

The US is preparing to hit back at China's glut of cheap solar panels by targeting its allies

Catherine Boudreau

China made so many solar panels that even its own grid can't support all the energy produced

Huileng Tan

China has flooded the market with so many solar panels that people are using them as garden fencing

Huileng Tan

Saudi Arabia's oil giant boss speaks up for China, saying its massive production of solar panels and EVs helps affordability

Huileng Tan

FM cuts customs duty on minerals critical for energy transition

PTI

IPO Overview : DEE Piping, Akme Fintrade, GPES Solar

Ira Alok Puranik

Reliance AGM 2024: Company aims to double retail business, Mukesh Ambani says not pursuing short-term profit

BI India Bureau

The future of BPM in India: AI, talent hubs and a new growth strategy

Insider Studios

US solar producers could finally have a fighting chance as tariffs kick in on cheaper imports from Asia

Filip De Mott

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