I think that there is an increasing public perception that clean energy technologies have become mainstream and they offer a chance to both do well and do good.
— Dan Reicher, executive director of the Steyer-Taylor Center for Energy Policy and Finance at Stanford University and acting CEO of the American Council on Renewable Energy, on private investment in clean technology. The Obama administration announced at a summit Tuesday a $4 billion commitment — double what was expected — from foundations, institutional investors and others to invest in clean energy.
The initiative comes four years after the high-profile failure of Silicon Valley solar company Solyndra, which was funded with a government loan as well as private money. It was a blow for the clean-tech sector and became a political hot-button issue.
But the administration pointed out Tuesday that solar energy costs have fallen — helping solar go mainstream — and the energy produced by wind has risen in the past several years. Last year, worldwide investment in clean energy reportedly beat expectations. The clean-tech comeback is on, with tech companies such as Apple, Google and others being lauded for their clean-energy efforts.
The initiative includes launching a Clean Energy Impact Investment Center, which would help educate private investors, run by the Department of Energy. Other government agencies will help clarify investment rules and facilitate loans.
Among those who have signed on to the effort: The Sierra Club, Goldman Sachs, the University of California, the Hewlett Foundation. (Here s the government fact sheet.)
Photo: Solar panel installers for SolarCity in 2009. (D. Ross Cameron/Bay Area News Group)
