(As prepared for delivery. View the archived webcast here: https://www.energy.senate.gov/public/index.cfm/2019/4/full-committee-hearing-to-examine-opportunities-for-energy-innovation-and)
Testifying before the Senate Committee on Energy and Natural Resources, CGEP Inaugural Fellow David Sandalow discusses energy innovation and other potential solutions to help address climate change.
In his testimony, Sandalow offers four core insights on the role of energy innovation in the fight against climate change:
First, energy innovation is essential for fighting climate change. Although renewable power costs have dropped dramatically in the past decade, more is needed. Priority areas include energy storage, floating offshore wind power, industrial heat, long-haul transport, aviation, carbon capture use and storage, and cheap passively safe nuclear reactors.
Second, not all energy innovations help fight climate change. For example, the expansion of oil drilling into the deep ocean is the result of significant technological innovation but does not contribute to the fight against climate change.
Third, innovation alone won’t solve climate change. The most innovative, low-carbon technologies won’t help fight climate change unless they’re deployed, and widespread deployment often requires a range of policies.
Fourth, as a nation, we should build on our strengths and address our weaknesses when it comes to energy innovation. The United States has an extraordinary record when it comes to the development of new energy technologies, however that record of success does not guarantee future results.
In June 2022, the government of South Sudan acknowledged that Egypt had delivered equipment for resuming its long-dormant Jonglei Canal megaproject by dredging tributaries of the White Nile.
A significant gap exists globally between the financing needed and the current level of spending to meet net-zero goals.