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Partnerships in Innovation and Market Development: The Path Forward
Author(s) -
DeCotis Paul A.
Publication year - 2021
Publication title -
climate and energy
Language(s) - English
Resource type - Journals
eISSN - 2692-3823
pISSN - 2692-3831
DOI - 10.1002/gas.22216
Subject(s) - government (linguistics) , general partnership , investment (military) , business , industrial organization , wind power , fossil fuel , solar power , engineering , finance , power (physics) , waste management , philosophy , linguistics , electrical engineering , politics , political science , law , physics , quantum mechanics
Government support for energy research and development has been critically important in advancing many of the products and technological breakthroughs that are commonplace in the industry today. For decades, federal and state tax and fiscal policies have supported and helped drive down the cost of many products and innovations. Easily recognizable examples include government and private partnership support in development of nuclear power for commercial power generation, hydraulic fracking for increasing domestic natural gas production, and wind turbine design, materials, and manufacturing and solar panel innovations that today make these wind and solar technologies cost‐competitive in certain applications and circumstances. Other examples include alternative fuel vehicle research and demonstration including hydrogen, hybrid, and electric vehicles for passenger and light and heavy‐duty vehicles. Federal and state support for research, development, and demonstration (RD&D) coupled with private investment has significantly driven down the costs of energy storage and brought about new chemical compositions, breakthroughs in materials science, and battery designs. Tax policy has and continues to support exploration and extraction of fossil fuels as well.