The White House recently announced a new Clean Energy Investment Initiative at the Department of Energy’s (DOE) Advanced Research Projects Agency-Energy (ARPA-E) Summit.
The Obama administration is hoping to catalyze $2 billion of expanded private-sector investment to investigate and implement solutions to climate change — by using innovative technologies as a way to reduce carbon pollution. The White House specifically pointed out investments in solar photovoltaics, wind power, advanced batteries, energy-efficient lighting and fuel cells.
“Further clean energy innovation to improve the cost, performance, and scalability of low-carbon energy technologies will be critical to taking action against climate change,” said Brian Deese, deputy director of the Office of Management and Budget. “Foundations and institutional investors have the potential to play an important role in accelerating our transition to a low-carbon economy and cutting carbon pollution.”
According to Deese, solar industry employment has grown 85 percent since 2010, while the price of rooftop solar has dropped more than 50 percent.
Included in the pledge was the announcement that the University of California Board of Regents is building on their commitment to invest more than $1 billion in climate change solutions.
The White House also plans to host a Clean Energy Investment Summit in the Spring of 2015 to discuss investment in clean energy innovation.