The opportunity to make the covid-19 recovery green has been squandered
organisers, was the fact that the summit’s energy-innovation section drew bigger crowds than the main event. Clean tech attracted over $87bn of investment from venture-capital and private-equity firms alone in the year to June 2021. And there is little expectation, even as interest rates rise, of the boom petering out.
The Department of Energy, hitherto best known for looking after the country’s nuclear weapons, has been restructured for the task. One of its under-secretaries has been dedicated to innovation. Among its new clean-tech programmes are three climate “Earth-shots”—the first in what looks like a promising series.
The problem, suggests Nikos Tsafos of the Centre for Strategic and International Studies, is that whereas politicians share an almost ideological belief in America’s genius for innovation, those on the right, especially, struggle to understand that it involves deployment as well as invention. To deploy clean tech rapidly requires two things that America still mostly lacks. One is a national climate policy to raise the cost of pollution, thereby creating demand.
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