The ballooning price tag for energy
As the world spends more to meet growing energy needs, nations seeking cleaner alternatives to fuel their expanding economies will have to spend much more.
Even though the world will spend over $1 trillion a year on energy projects over the next two decades, governments and industry will have to dig deeper to switch to newer, cleaner energy if the worst effects of global warming are to be avoided, according to one expert.
“Current federal energy R&D programs are not commensurate in scope and scale with the energy challenges and opportunities the 21st century will present,” John Holdren, a professor of environmental policy at Harvard University, said Wednesday at the Washington International Renewable Energy Conference.
President Bush and Energy Secretary Samuel Bodman touted the administration’s efforts to advance renewable energy earlier in the conference. Bush said his administration has spent $12 billion on renewable energy research since he’s been in office, and Bodman said the private sector invested over $2 billion in clean technology in 2007 alone.
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