G8 MEMBER COUNTRIES031A clean energy standard will help drive privateinvestment in innovation, but I want to make thispoint: Government funding will still be critical. Overthe past two years, the historic investments myadministration has made in clean and renewableenergy research and technology have helped privatesector companies grow and hire hundreds ofthousands of new workers. I have visited gleaming new solar arrays that are among the largest in the world. I have tested anelectric vehicle fresh off the assembly line. I havetoured factories that used to be shuttered, where they are now building advanced wind blades that are as long as 747s, and they are building the towers that support them. And I have seen the scientists that are searching for the next big breakthrough inenergy. None of this would have happened withoutgovernment support.I understand we have got a tight fiscal situation, so it isfair to ask how do we pay for government's investmentin energy. And as we debate our national priorities andour budget in Congress, we are going to have to makesome tough choices. We are going to have to cut whatwe do not need to invest in what we do need. Unfortunately, some people want to cut criticalinvestments in clean energy. They want to cut ourresearch and development into new technologies.They are shortchanging the resources necessary evento promptly issue new permits for offshore drilling.These cuts would eliminate thousands of private sectorjobs; it would terminate scientists and engineers; itwould end fellowships for researchers, graduatestudents and other talent that we desperately need toget into this area in the 21st century. That does notmake sense.We are already paying a price for our inaction. Everytime we fill up at the pump, every time we lose a job ora business to countries that are investing more than wedo in clean energy, when it comes to our air, our water,and the climate change that threatens the planet - weare already paying a price. These are costs that we arealready bearing. And if we do nothing, the price willonly go up.So at moments like these, sacrificing theseinvestments in research and development, insupporting clean energy technologies, that wouldweaken our energy economy and make us moredependent on oil. That is not a game plan to win thefuture. That is a vision to keep us mired in the past. Iwill not accept that outcome for the United States ofAmerica. We are not going to do that. nThe above remarks are excerpted from a speechPresident Barack Obama delivered at GeorgetownUniversity, Washington, D.C., on March 30, 2011 For more information visit: www.whitehouse.gov .
rude oil prices are heading north - again.Energy agencies around the world areconcerned with political conflict inNorthern Africa, instability in the MiddleEast, and disaster responses to national crises aroundthe globe. As the leaders of nations and businesses,how do we ensure that energy supplies are maintainedto support growing economies? One Australiancompany has a set of solutions to produce cleanerenergy for today's climate conscious economies. Oil is our most important energy source and accountsfor around 34 per cent of the world's primary energyconsumption1. Its conventional supply is projected topeak in a few years from now, although somepredictions operate on the premise that peak oil hasalready occurred. Since the year 2000, world oilconsumption has increased at an average annual rateof 1.6 per cent per year2. The global demand for oilsupply continues to rise and is being heavily driven bynon-OECD countries like China and India. It is realisticto suggest that leading economies today are faced with atwo-pronged challenge; balancing energy security (whichis intricately linked to economic success) with the adventof carbon reductions to counter predictions on climatechange. Whether you are a believer or a sceptic, globaltrends and policies on the topic of climate change willdevelop and action will follow.It is my view that leading economies should take stockof all of their energy-rich resources, enable andoptimise those coal deposits that are not currently partof the energy paradigm and earmark them for futureenergy success. My home base of Australia is a primeexample. Here is a country rich in coal, yet relativelypoor in oil. We have a limited domestic supply of crudeoil, which is rapidly depleting, and rely heavily oncrude oil imports to sustain industries that criticallyMOVING TO A CLEANER"OIL" ECONOMYCPETER BOND, CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR, LINC ENERGY LTD032CLEAN COAL TECHNOLOGY