As the Trump administration forges ahead with its revised energy policies, including a decision to withdraw from the Paris Agreement, and as global efforts to reduce carbon emissions continue, research shows that the threat of climate change and a lack of energy innovation extends beyond just the environment. In the U.S., a decline in funding and patents for clean tech innovation risks harming U.S. economic growth and global competitiveness, while stalling progress toward combatting climate change.
We have a responsibility to continue the advancement of our economy, and there are tremendous economic opportunities in clean tech. Clean tech innovation is a $1.4 trillion global economy and it would be very unfortunate for the United States to remain sidelined during the growth of that over the next 20 years. If the administration is interested in reducing carbon emissions while providing affordable energy services to all, then it needs to double down on energy innovation which has clear, proven implications for the economy.
Another avenue of help is through venture capital. Venture capital is critical for helping great concepts and entrepreneurial ideas begin to scale up and grow. Without having strong venture capital or other early stage financing, many great ideas won’t make it to the marketplace.
Without innovation and major advances in clean energy technology, the United States and the rest of the world will only be able to offer modest improvements in their future climate plans, and that won’t be enough.
Read the full article about why the U.S. needs energy innovation by Mark Muro and Devashree Saha at Brookings.
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