Report: The U.S. and China working together for clean energy research

The world's leaders in energy and oil consumption have come together and announced their partnership to find greener, cleaner energy sources. The United States and China will be giving a total of $100 million in funding to research for cleaner vehicles and clean coal technologies.

The U.S. Department of Energy reports:

"Secretary Chu announced that the University of Michigan and West Virginia University will each lead consortia under the U.S.-China Clean Energy Research Center. The two consortia will receive $25 million in total funding from the U.S. Department of Energy for this work. These amounts will be matched by the grantees, for a total of $50 million in U.S. funding. The Chinese side will contribute an additional $50 million, for a total of $100 million for this innovative project."

Besides being the the world’s largest auto markets and largest consumers of petroleum, the U.S. and China are also in possession of ample amounts of coal and want to find ways to utilize them for carbon capture and storage — which are much cleaner methods than burning it.