The Advanced Research Agency-Energy (ARPA-E), an agency of the Department of Energy, has an innovative summit this week. ARPA-E’s 475 specialized clean energy technologies have so far received more than one-point-two-five billion dollars funding from the private investors.
So far it has achieved these milestones: thirty times of solar power, three times wind power and almost sixty percent of oil imports. According to 2nd February 2016 Whitehouse statement, these milestones’ achievements were made achievable about seven years back.
This was after President Obama endorsed the Recovery Act (American Recovery and Reinvestment Act). This did more than just growing the economy and raising the GDP by an estimated rate of two to three percent after the Great Recession. Tax incentives that paved a way for employment creation calculated clean energy ventures and production and use of low-carbon methods were also realized from the introduction of the Recovery Act.
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It is no wonder that President Obama’s FY2017 Budget plan suggests a two-fold funding for clean energy R&D in the next five years. It proposes a raise from six-point-four billion dollars in the fiscal year 2016 to twelve-point-eight billion dollars in Fiscal Year 2021.
In addition to government funding, more funds from the private investment sector will be needed. Last year, during the ARPA-E summit, the Clean Energy Investment Initiative was announced by Brian Deese. It was meant to stir up and grow private-sector investment in solutions that would solve climate change by reducing carbon pollution.
Twelve months later, the Clean Energy Investment has done so much in the private sector, including getting complementary support from the Clean Energy Investment Center (CEIC), which was opened for business. Now it has created the Lab Partnering Service that will allow the public to access the clean-energy technologies made by the National Laboratories.
Original Article; whitehouse.gov