Torresol
In a presentation before national policymakers and analysts today, leading clean energy CEOs, venture capitalists and academics unveiled the “Gigaton Throwdown,” an assessment of the nation’s clean energy potential that identifies seven industries capable of creating 5 million clean energy jobs and reducing CO2 emissions by 5-7 gigatons by 2020. The report, a collaborative effort between leading researchers at UC Berkeley, MIT, University of Michigan, Stanford, and Drexel University, and clean tech leaders, challenges Washington policymakers to remove obstacles that keep billions of capital investment dollars sitting on the sidelines.
Sunil Paul, founder of the Gigaton Throwdown and founding director of Spring Ventures said:
What we’ve outlined today is an ambitious goal, but one that is entirely attainable through hard work and a concerted effort between government, business and private investment. We are at a crossroads, and the U.S. has an opportunity to become a leader in this new global sector if we act now. To us the choice is clear.
U.S. Senator John Kerry
This study is a loud, clear message about the importance of acting now to create a vibrant clean energy econom. By passing strong legislation, we can grow our economy and end our dependence on foreign oil. We can ensure that the United States takes back the lead in creating the clean energy technologies of the future — wind turbines, solar panels and energy efficiency products — and that American companies benefit. This will help rebuild our manufacturing base, jump-start our economy and create millions of clean energy jobs that can’t be shipped overseas.
John P. Holdren, Assistant to the President for Science and Technology and Director of the Office of Science and Technology Policy commented:
Investments in clean energy technologies — and policies that encourage those investments — can pay off handsomely with jobs and economic growth while reducing our dependence on foreign oil and tempering the impacts of climate change.
The report identified seven existing industries — biofuel, nuclear, solar, geothermal, wind, building efficiency, and construction materials — that could reach gigaton scale over the next 10 years with new infusions of private capital. To attain gigaton scale, a single technology must reduce worldwide carbon dioxide and equivalent greenhouse gas emissions by at least 1 billion tons — a gigaton — per year by 2020.
“The Gigaton Throwdown sets our collective sights on game changing combinations of science, technology and policy that can turn the needed levels of climate protection and energy security into a road map for laboratory-to-industry partnerships,” said Dan Kammen, of the University of California-Berkeley. “Quite frankly, I am tired of watching the exceptional technology advances in the renewable energy field become big business in Europe or Asia when they could just as easily become multi-billion dollar companies here. The Gigaton Throwdown can be a catalyst for academia-government-industry synergies to make these innovations in U. S. green businesses.”
“Thinking at gigaton scale is helping us identify our ultimate potential,” said Steen Riisgaard, President & CEO of Novozymes. “Novozymes has the aim to help our customers achieve a 75 million tons reduction in greenhouse gases by 2015. But we actually believe the potential is much, much higher if you look at entire industrial biotech space, where we think can reach gigaton scale within 10-20 years.”
Currently more than $13 trillion in private capital is prepared to invest in the traditional base of energy technologies over the next decade. Redirecting that capital to clean energy is an $8 trillion opportunity that will depend in large part on US energy and climate policy. The report also identified several key policy barriers preventing that private capital from immediate investment and recommended several changes the U.S. should undertake to spur investment. These changes include:
Establishing a price on carbon that will level the playing field and stand above political influence or pressure;
Setting more stringent renewable energy, efficiency, and fuel standards;
Enhancing the electrical grid to better utilize the new power generated by renewables;
Fixing the market for efficiency upgrades by reforming utility and building regulation.
The Gigaton Throwdown was launched as an initiative to educate and inspire investors, entrepreneurs, business leaders, and policy makers to “think big” and understand what is needed to massively scale clean energy in the next 10 years. A unique group from the business community — executives, investors, and entrepreneurs — teamed up with leading academics over the past 18 months to develop the report.
