A new report, Fire Sale: The End of American Ownership of Clean Energy, warns that Congress' failure to invest adequately in US clean energy, "at a time when clean energy is growing like gangbusters around the world," is a huge mistake. Among other problems, this lack of investment is "starving American companies of capital and the ability to complete domestic projects." As a result, the United States is now "losing this race" to countries like China, Germany, the United Kingdom, Brazil, India, even oil-rich Saudi Arabia -- all of which are investing heavily in clean energy. A few more points made in the study include:
- As a result of this short-sightedness and foolishness, "we’re on the brink of losing the market, not just globally, but domestically as well."
- This, in turn, "will cost U.S. businesses in terms of lost revenues and lost intellectual property, and cost the nation in terms of growth and economic leadership."
- "In a 21st century that may well be defined by clean energy, this loss would be disastrous."
- The U.S. political consensus in support of clean energy collapsed in 2011, and this is now "even infecting federal support for leading-edge research and development," along with federal clean tech investment, which is expected to fall 75% from 2009 to 2014.
- Historically, "the federal role has had a decidedly uneven tilt toward fossil fuel and other established technologies" -- $447 billion in subsidies to oil and gas between 1918 and 2009 -- compared to the relatively tiny investments made in clean energy.
We couldn't agree more with this report's findings, and we certainly hope that corrective action is taken immediately.