In 2006, Wei-Tai was happily involved in Dae Advertising, when his wife, Violet, suggested they go see a movie called An Inconvenient Truth.The Oscar-and Nobel-Peace-Prize winning documentary, narrated by Al Gore, detailed the science behind Climate Change. Wei-Tai was so moved by what he learned that he did research to see if any of the government leaders were acting on this important issue. But they weren’t. George Bush did nothing. Obama did nothing during his first term.
“This made me really angry. If a regular person like me could understand the threat of climate change, why didn’t our experts and elected officials take action? I felt a sudden burden on my shoulders. I knew I would have to be part of the solution. But how?“
Figuring out how to be part of the solution was a daunting task—and days passed. At the end of each day he reflected, “’What did you do to become part of the solution?’ And every day it was the same answer: ‘I did nothing.’” One day, he realized if he wasn’t acting to solve the problem, he WAS the problem.
“That’s what got me to quit my job at Dae and look for something else, And, the something else was solar energy. If I could help market solar panels, the more we sold, the less we’d need to rely on fossil fuels. That would be my contribution. “
Wei-Tai Headed up global marketing for Wuxi-based Suntech Power, which became the world's #1 solar company. |
Wei-Tai ended up joining Suntech, which at that time was the
world’s second largest supplier of solar panels in the world. The company, based out of China, was looking to
grow their SF office. Being bilingual was an asset. The year was 2009, and not
many Americans could say their employer was a company based in Mainland China. “How unique an opportunity it was to work for
one of the first world-class Chinese companies that was listed on the NY Stock
Exchange.”
The founder of Suntech, Shi Zhengrong, was born and raised
in China. In the late eighties, he went to Australia to get his Ph.D. He ended
up staying there for another decade plus, and he worked for a local solar
company. That’s when he got the idea that China could make this happen in a big
way, and he returned to Wuxi to start Suntech Power. “He ran this Chinese
company in more of a western fashion--twenty thousand employees—most of whom
were Chinese. Among the top management, many were international business
persons: German, Australian, American. Many Chinese companies in China are
top-down. You listen to the boss.
Whatever the boss says, you do it. Suntech was more of a hybrid, which
made it a very enjoyable place to work.”
Wei-Tai worked at Suntech from 2009 til it went bankrupt in
2013. “What happened was that it was so successful that many banks wanted to
lend money to help us build more factories faster and faster at a time when the
product was flying off the wall. Suntech couldn’t build factories fast
enough. They had borrowed billions of
dollars. At one window of time—in 2012—the market slowed down and some banks
were owed 450 million dollars that year in repayment. Instead of extending the
loan, the banks wanted their money back. But, the company had only about 200
million dollars in cash and no way to pay it back. “
Lacking cash, Suntech offered the Western banks some cash
and some stock. But, the banks insisted on a dollar-for-dollar return.
‘The Chinese government is not going to let the world’s biggest solar company go bankrupt,’ the banks said.
‘The Chinese government is not going to let the world’s biggest solar company go bankrupt,’ the banks said.
‘You don’t understand,’ Suntech replied. ‘The Chinese
government doesn’t do that. Not like the
American government coming in to bail out Chrysler or AIG.’
The Western banks refused to compromise and, as a result,
Suntech went into bankruptcy protection, and most of its 20,000 employees were
laid off, including Wei-Tai. He continued to work in the solar business, though.
Wei-Tai and his boss Dr. Zhengrong Shi, CEO and Founder of Suntech, meet Al Gore in Miami, 2015 |
Wei-Tai reflected that since he started working in solar, the price of solar panels has
dropped 80%. So whereas solar used to be more expensive than coal, today it
rivals the price of coal in many places in the world, and it continues to drop
in cost. “Wind and solar power are now economically viable solutions to the
climate crisis,” he said.
(To be continued. Next: If China decides to combat Climate Change, it will get done.)
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