President Bush calls for International Clean Technology Fund, avoids ethanol, biodiesel by name in State of the Union Address

January 29, 2008

In Washington, President George Bush delivered the annual State of the Union address, but for the first time since 2004 did not mention ethanol or biodiesel by name. President Bush called for an international clean energy fund, for the inclusion of China and India in a new emissions treaty, and continued investment in renewable fuels.

On energy, he said:

“Let us fund new technologies that can generate coal power while capturing carbon emissions. Let us increase the use of renewable power and emissions-free nuclear power.

“Let us continue investing in advanced battery technology and renewable fuels to power the cars and trucks of the future.

“Let us create a new international clean technology fund, which will help developing nations like India and China make greater use of clean energy sources.

“And let us complete an international agreement that has the potential to slow, stop and eventually reverse the growth of greenhouse gases. This agreement will be effective only if it includes commitments by every major economy and gives none a free ride.”

Greentech Media said that venture capital (VC) invested $750 million in biofuels feedstocks and technologies in 2007 led by the $70 million investment in Amyris synthetic biofuels. Overall, VC investment in renewable energy increased by 50 percent to $3.4 billion.

The total investment represented a significant acceleration in the 2nd half of the year. The Motley Fool reported that cleantech investment by venture capital increased to $1.1 billion in the first half of 2007, up 35% from 2006.

A report by the National Venture Capital Association said that California, Massachusetts, Texas and Washington state have received the most clean tech venture capital funds.

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Written by Jim Lane · Filed Under Policy