WASHINGTON, Jan. 17 (UPI) -- Increased competition abroad and uncertain policies at home put the ability of America to compete in the global clean energy marketplace at risk, a report says.
The report released Thursday by The Pew Charitable Trusts said private investment, manufacturing and deployment of renewable power have been held back because of the lack of a long-term, consistent energy policy in the United States.
U.S. companies competing in the clean energy arena are also constrained by tight credit markets, growing international competition and an uneven playing field in fossil energy resources, a Pew release said.
"Industry is telling us in no uncertain terms that the United States needs to adopt clear, consistent, long-term energy policies that allow American businesses to thrive, make our country more energy secure, and advance environmental imperatives," Phyllis Cuttino, director of Pew's Clean Energy Program, said.
Revenue in the clean energy sector worldwide could total $1.9 trillion from 2012 to 2018, the Pew report said.
"U.S. industry has the capacity to be a leader, provided we have the right policies in place," Cuttino said. "It's time for Congress to support a comprehensive energy strategy by delivering long-term certainty for businesses and investors in renewable power."
The report urges Congress and the administration to establish a clean energy standard to guide deployment and investment, increase investment in energy research and development, and renew incentives for domestic clean energy manufacturing.