The American Energy Innovation Council (AEIC) is urging Congress and President Obama to expand energy research in the United States. The group, consisting of six executives including Bill Gates and General Electric's Jeffrey R. Immelt, explained that the United States has fallen behind numerous other countries -- including China, Japan, France and South Korea -- in terms of energy research.
According to a report by the New York Times, the United State currently spends $5 billion a year in research spending, and the council urged the leaders to triple that level.
"Growing and consistent appropriations for energy innovation should be a top U.S. priority over the next decade," the council explained. "The budget numbers over the last five years are a major failure in U.S. energy policy."
Gates explained how conservation wasn't the only goal for research funding, but also falling behind other countries in energy industries. He said, "Our universities, our national labs are the best in the world," but added that the country is falling behind because of a lack of funding.
The report cited numerous studies, including many examples of innovation leading to return on investment, including research on hydraulic fracking, which has lowered prices for consumers. The report added that studies on low-emission source of energy needs to follow the trend of innovation, to help lower prices while also bringing energy to all areas of the world.
The AEIC released a similar report five years ago, and the new report is an update on that report.
For more:
- read this
report
© 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved.