Today in San Francisco, leaders from 23 countries representing 90 percent of clean energy investment and 75 percent of global carbon emissions are announcing new actions to accelerate the global transition to a clean-energy economy. This means ramping up deployment of commercially available clean-energy technologies as quickly as possible in order to reduce carbon pollution and meet each country’s climate commitments under the historic Paris Agreement. During President Obama’s administration, the cost of these technologies has plummeted here in the United States, leading to a 30-fold increase in solar electricity generation, more than tripling electricity generation from wind, and growth of high-efficiency LED lighting by more than 200 times just since 2008.
At the same time, it is imperative to ramp up investment in the next generation of clean-energy technologies. That’s why during the first day of the Paris climate summit last year, President Obama joined 19 other world leaders to launch Mission Innovation, a multi-nation commitment, which has now grown to include the European Union, to double government investment in clean-energy research and development over five years—and today we are announcing these Mission Innovation partners will invest a combined $30 billion per year by 2021.