Europe is launching a campaign to triple funding for energy research to 8 billion Euros ($11.7 billion) a year in a technology race with Japan and the United States, a draft document shows. The report, prepared by the EU’s executive body, the European Commission, says the surge in investment is necessary if Europe hopes to meet its goal of slashing greenhouse gas emissions by 80 percent by 2050.
The EU’s plan calls for coordinated research on a continental level to stay competitive with the rest of the world on alternative energy sources. The plan proposes $23.4 billion in solar power research, $8.8 billion in wind power research, $10.2 billion in nuclear power research, $13 billion for developing energy from biomass and waste, and $19 billion in carbon sequestration technology.
Hello Washington, we have some real competition for developing alternative energy sources in Europe and China! To the victor in developing alternative energy sources belongs the spoils in the next century.