Gray GDP

Looks like beleaguered US insurer AIG will remain in the dumps for a while. China Life has said it will not bid for the AIG’s Asian life insurance unit as AIG’s assets and brand have deteriorated. Surprise surprise. AIG’s been the recipient of bailout funds, but hasn’t exactly handled them well – the US government announced on Monday that it would throw another US$30 billion its way to stave off a collapse. Beijing in the meantime is prioritizing. Up top, the economy. Down low, the environment. China’s environmental minister Pan Yue told reporters that Beijing was canceling the controversial “green GDP” project for an indefinite amount of time. The “green GDP” project was meant to deduct the economic consequences from environmental damage from GDP, but it looks like the headline figures will suffice for now. Somewhat strange, given all the kumbaya-singing about fighting climate change during Hillary Clinton’s recent visit to China. She must just have that kumbaya-inducing affect on Asian policymakers. Beijing may be standing down on the environment, but VCs and PE investors remain gung ho. VC/PE investment in cleantech surged by 120% year-on-year to US$1.3 billion in 2008, primarily in solar power and water treatment.