HOUSTON, Feb. 14 (UPI) -- Venture capitalists are playing an increasingly large role in the energy sector.
"Government has a role, to be sure. But, the real breakthroughs are likely to happen in the private sector," said U.S. Energy Secretary Samuel Bodman at Cambridge Energy Research Associates CERA Week conference in Houston.
In all energy sectors, but renewable energy especially, private investors are pooling more resources and investing larger sums of money on a more frequent basis. Last year set investment records in wind power.
"We must bet on technology. And, we must signal to private investors that our policy environment supports sustained investment in renewable and alternative fuels," Bodman said.
Investment must also be made in education and engineering.
"We have a shortage of qualified engineers and technical staff and equipment to meet the demand for rapid innovation," Bodman said.
The secretary called for focus on education and supporting the sciences in the United States.
"The key to unlocking our energy future is ensuring that the innovation cycle continues at a rapid pace," Bodman said. "We must leverage the tremendous power of private equity, while also making smart public funding decisions, to unleash the world's best scientists and engineers on this problem."
