I believe cellulosic fuels, biofuels made from nonfood crops are the only solution that will make a difference.
The world is hung up on food-based biofuels. Not only are they the wrong thing, they're the uneconomic thing.
We don't need a fuel that's cleaner, we need a fuel that happens to be cleaner, but is half the price of oil.
Oil replacements and then efficiencies in engines and housing and the way we build houses is a very interesting market.
There's no doubt in my mind over the next 25 years how we drive, how we build our houses, how we fly, how we build our buildings, will all change.
Letting the perfect be the enemy of the good is one of the reasons we have a coal-dependent infrastructure, with the resulting environmental impact that all of us can see. I suspect environmentalists, through their opposition of nuclear power, have caused more coal plants to be built than anybody. And those coal plants have emitted more radioactive material from the coal than any nuclear accident would have.
Setting an aggressive enough carbon-reduction goal will result in an appropriate price for carbon and will help many a renewable technology. Consumer education will help. Most importantly, though, will be the continually declining cost trajectory of the real breakthrough in clean-technology costs driven by research and innovation. In the end, private capital is the real barometer of change.
As for companies invested in the space - I think its important to distinguish between a good investment and a material climate change technology - you can have the first without the second, even in the "clean tech" space.
For electric power generation, we are very optimistic about solar-thermal technology, and we’re intrigued by the potential of enhanced geothermal energy to replace coal-based power generation. Traditional carbon capture and sequestration-based coal power generation is somewhat unlikely to be competitive.
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