ITIF Welcomes Announcement of Breakthrough Energy Ventures, But Urges Government to Boost Investment in Clean-Energy Innovation, Too

December 12, 2016

WASHINGTON—The Information Technology and Innovation Foundation (ITIF), the leading U.S. science and tech policy think tank, today released the following statement from Senior Fellow David Hart:

Today’s announcement of the Breakthrough Energy Ventures (BEV), a commitment of more than $1 billion by an investment group led by Bill Gates, is a welcome contribution to the low-carbon energy transition. The world needs more early stage and growth companies that will reduce carbon emissions while also providing affordable, reliable energy to the world. Only technological innovation can make clean energy competitive with dirty fossil fuels in the long run. BEV’s investments will accelerate this vital process.

BEV’s announcement highlights the importance of governments doing their part as well to bring about the energy transition. The public sector needs to invest more in R&D, reform tax incentives so that they drive clean-energy innovation, and develop more sophisticated regulatory tools to manage energy markets. The public and private sector have key complementary roles to take. Unless both play their respective roles, we are not going to get where we need to go. The U.S. government should respond to BEV’s challenge and lead the world in clean-energy innovation.

To learn more, read ITIF’s “Innovation-Based Clean Energy Agenda For America.”