Department Of Energy, International Energy Agency, United States discussed on Bloomberg Wall Street Week
With China over there's also energy on the race to develop new ways of generating energy. Ways that go well beyond traditional fossil fuels. I talked with the U. S. Secretary of Energy Damn Bria about the energy race, and he said, we should be concerned about the competition. The global energy landscape has changed dramatically over the last few decades. And our position as the United States has changed within that landscape. And in that time we've seen a dramatic shift in the flow of us resource is to developing economies all across the world. And I was looking at some statistics earlier today, Back in 1969. 70% of the monetary flows back, then were categorized as official development assistance by the U. S government. And in 5 2080% instead came from the private capital markets. So that's you know, that's that's an intense shift away from government resources to the private sector. That was 15 years ago, so I'm sure that number could be even higher than today. But it clearly in the you know illustrates that the private sector is playing a bigger role in the international arena, and one component of our mission here at the Department of Energy is to reach out and engage. With these increasingly important global actors. And with that in mind, our department via the Department of Energy is leading some efforts to develop what we think our cutting edge public private partnerships and help achieve revolts in this very dynamic energy landscape. And we're doing that with our partners and within the interagency, primarily the snow. Now is the DFC, the old OPEC, the old Overseas Private investment corporation. We've been working very closely with them, but You know we're very excited about these partnerships because they not only yield economic growth, but they enable us to strengthen his ties to international Parker's and provide new opportunities. All across the world for American businesses. And I just talked Tio Doctor for parole in the International Energy Agency. And he tells me that 2020 is now set to see the look line and energy investment on record. Obviously due to the pandemic, but this is a reduction of roughly 1/5 for almost $400 billion. That's in capital spending compared to 2019 CAF axes records as we call it. IAEA is reported on the opportunity for policy actions. And we've we've worked closely with them. They're targeting energy investments to Booth quote, boost growth. To create even more jobs and to continue reducing energy related emissions. And even Mohr, there's really potential here to expand energy access. By nearly 270 million people and provide cleaner cooking solutions to nearly 420 million people. All across the globe is my predecessor, Rick Perry, secretary Kerry said. You know, there's still so many people around the world without access to commercial energy, and we want to help fix that problem for them and create opportunities for us here in America. But you know, as we know it, as we discussed in the past governments alone don't have. The resource is for all of those investments. So we're going to we're going toe rely upon and it will require, you know, very strong public and private partnerships. Based on what we referred to here in the United States is a bottom up energy philosophy, one that supports free markets it funds scientific research in it honors the choice of producers and consumers alike. So with our private sector counterparts were going to be foes focusing here on things like nuclear technologies and working to develop new reactors and new fuels for those reactors. Fuels that are accident tolerant and non Phil Efren. We're also focusing on wind and solar technologies, which is a priority for our department in a large portion of our R and D budget here at the Department of Energy will be spent on the work that's coming out of our national Renewable Energy laboratory. In Golden, Colorado. In that vein, we're going to be pursuing some new battery technologies and all other innovators here in entrepreneurs in the private sector, working lockstep. On some new carbon capture utilization in storage process projects. So in short, you know the government and the we can, and we should play a very crucial role in helping to bring all of these projects over the finish line. David. It's exciting, so exciting time to be in the energy business. It's an exciting time to be an energy policy. And as the world changes so away Sir. That was very helpful, and it's clear you wanted more energy and you want chief. We want Mohr investments. He wants a private investment in particular. We talked before you said, and you tend to say is all of the above when it comes to energy, As I try to get a choice between renewables responsible feels things like that. Give us a sense of what that really means In practice, doesn't the government have to pick some with winners and losers? Full of winners alluded losers or something we avoid in the marketplace. We don't have the government. We don't want to pick individual players. But as technology picking winners and losers and technology is not something that we want to engage in. Either. What we want is to pursue Z and I have discussed it all of the above strategy. And you know, the president has talked about this publicly. And those words mean exactly what they are. We're going to pursue renewable technology is very, very aggressively. We just announced on the West Coast of brand new Facility at one of our laboratories there that's going to allow us to develop grid scale storage battery storage. This is 20 megawatts and above it allows us to develop. The next generation of battery stores that will allow our nobles to be integrated into our current electric grid much more easily and much more efficiently. That was Danbury et US energy secretary. Coming up. Corporate America isn't just looking inward. It's also looking at the outside world to see what it can do to move us forward.