Through passage of their respective energy bills, the House and Senate have taken a number of steps to bolster American energy innovation.
Widespread public sector investment in basic energy technology is critical to complement private investment and drive long-term economic growth in America and globally.
Rep. Randy Hultgren discussed the catalyzing role that smart federal investments, such as our national labs, can have on economic growth.
AEIC commended passage of an amendment by Sens. Dick Durbin and Lamar Alexander to increase funding for the Office of Science by $2.7 billion through fiscal year 2020.
The ability of investments in innovation to drive economic development at home makes innovation a rare opportunity for bipartisanship.
In 2010, the American Energy Innovation Council, composed of CEOs from multiple industries, called for the tripling of energy research and development.
The energy sector spends less than half of one percent of sales on R&D, whereas other industries like pharmaceuticals and aerospace/defense spend considerably more.
AEIC hosted the event as part of the organization’s “Partners in Ingenuity” series, an on-going effort to bring together key stakeholders to address challenges facing energy technology R&D.
Why should governments fund basic research? For the same reason that companies tend not to: because it is a public good.
The tragedy is that the riskiest investments in basic science — the first building block of a new energy future — are stalling.