An Energy Technology Corporation Will Improve the Federal Government’s Efforts to Accelerate Energy Innovation

John M. Deutch — Wed, 18 May 2011 12:34:00 -0400

ABSTRACT

Energy innovation is critical to solving many of the energy and environmental challenges we face today, from reducing the risks of climate change to lowering the costs of alternative energy sources. While there is no shortage of ideas that could be a part of our energy future, a major obstacle stands in the way of implementation: proving that these good ideas actually work and are, therefore, worth an investment. The private sector underinvests in technology demonstration because of the expense and uncertainties involved; at the same time, previous demonstration programs carried out by the Department of Energy have met with mixed results. This paper proposes a series of best practices for government support of U.S. technology demonstration and a new institution, the Energy Technology Corporation, that would be responsible for managing and selecting technology demonstration projects. A well-designed technology demonstration program carried out by an organization with the appropriate authority, tools, and expertise would go a long way towards accelerating the process of energy innovation.

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Authors

John M. Deutch

Publication: The Hamilton Project

America’s Energy Future: New Solutions to Fuel Economic Growth and Prosperity

Wed, 18 May 2011 09:00:00 -0400

Event Information

May 18, 2011
9:00 AM - 1:00 PM EDT

Ballroom
Washington Court Hotel
525 New Jersey Avenue, NW
Washington, DC

The recent climb in gasoline prices to $4 per gallon is the latest headwind facing the U.S. economy. In addition to this threat to economic growth, America’s current energy system poses long-term threats to national security, health, and the environment. On May 18, The Hamilton Project hosted a forum on America’s energy future, focusing on strategies to give all energy sources equal footing in the marketplace and expand America’s opportunities to utilize cleaner, low-cost sources of energy.

A panel of economic experts, moderated by Hamilton Project Director and Brookings Senior Fellow Michael Greenstone, presented three new proposals to improve the regulations governing energy consumption and environmental quality, create a new clean energy standard and improve the federal government’s efforts to deploy new energy technologies. The Hamilton Project also released a new paper outlining principles to help level the playing field for all energy sources—moving away from a system that favors energy sources with low prices at the pump but higher costs to society through health impacts and our ongoing reliance on foreign oil.

A second panel, moderated by former Treasury Secretary Robert E. Rubin, discussed the future of energy and climate change policy in the United States. Participants included Duke Energy CEO Jim Rogers; Farallon Capital Management Founder Tom Steyer, co-chair of Californians for Clean Energy and Jobs; The Nature Conservancy President and CEO Mark Tercek; and former U.S. Senator John Warner (R-Va), currently an adviser to the Pew Project on National Security, Energy and Climate. Following each panel, the participants took questions from the audience.

The forum concluded with keynote remarks by U.S. Senator Maria Cantwell (D-Wash.) on "Bipartisan Solutions to America’s Energy Challenges."

Strategy Paper:

A Strategy for America’s Energy Future: Illuminating Energy’s Full Costs, by Michael Greenstone and Adam Looney

Proposals: