White House reaches double its clean energy investment goal
June 17, 2015 | By
Jaclyn Brandt
President Obama and the White House have made a big announcement about investments in clean energy -- with more than $4 billion raised from foundations, institutional investors, and other long-term investors.
"While the President has taken several steps using the power of the federal government, harnessing the ingenuity of America's entrepreneurs, innovators, and technology is a crucial part of the fight against climate change," the White House said in a statement. "America is leading the global transition to a low-carbon economy, and thanks to past investments, consumers are already benefitting from major advances in solar photovoltaics, wind power, advanced batteries, energy-efficient lighting, and fuel cells. In fact, the cost of solar energy systems has plummeted by over 50 percent in the past five years alone." The funds will be used for research being developed by both researchers and entrepreneurs -- to develop innovations to fight climate change and reduce carbon pollution. The investments came from hundreds of different organizations, including the University of California, Goldman Sachs, the Clean Energy Trust, and the Sierra Club Foundation. The $4 billion is double President Obama's goal of $2 billion for the Clean Energy Investment Initiative. The funds will also be used to create a new Clean Energy Investment Center (CEII) at the Department of Energy (DOE), with the goal of making energy and climate change information accessible to the public -- and others. "Through dedicated, accessible Internet and staff resources, the center will make information about DOE programs accessible and more understandable to the public, including to mission-driven investors," the White House said. "The center may also provide connections to points of contact and subject matter experts within relevant DOE programs." The center will also provide research sharing and analysis; identify the need for new technology in the sector; and create an information sharing network for energy and climate programs. The funds will also be used for the Small Business Administration (SBA) to fund clean energy technologies for businesses. The program, the Early Stage Small Business Investment Company (SBIC) program, will provide privately-managed funds to the businesses who are looking to use the clean technology. The White House said the funds will also be used to build on existing technology. "Long-term investors -- such as foundations, family office investors, and institutional investors -- can play a catalytic role in accelerating the transition to a low-carbon economy," the White House explained. "Philanthropists can help fund clean energy innovation at the earliest stages, where bold new ideas are emerging from our labs, universities, and startups, while investors can scale up the most promising of these innovations. Taken together, today's announcements will help ensure that more climate innovations make the leap out of the laboratory and into the global marketplace." For more: © 2015 FierceMarkets, a division of Questex Media Group LLC. All rights reserved. |