American Energy Innovation Council (AEIC) members are Norm Augustine, former chairman and chief executive officer of Lockheed Martin; Ursula Burns, chairman and chief executive officer of Xerox; John Doerr, partner at Kleiner Perkins; Bill Gates, chairman and former chief executive officer of Microsoft; Charles O. Holliday, chairman of Bank of America and former chairman and chief executive officer of DuPont; Jeff Immelt, chairman and chief executive officer of GE; and Tim Solso, chairman and chief executive officer of Cummins Inc. The AEIC is staffed and hosted by the Bipartisan Policy Center.

The mission of the American Energy Innovation Council is to foster strong economic growth, create jobs in new industries, and reestablish America’s energy technology leadership through robust, public investments in the development of clean energy technologies.

The American Energy Innovation Council (AEIC) gratefully acknowledges the expert contributions and guidance provided by Ken Caldeira, David Garman, David Keith and Maxine Savitz.

In addition, the AEIC would like to express its thanks to John Alic, Jabe Blumenthal, Larry Boggs, Alix Burns, Scott Elrod, Karen Fries, Alex Liftman, Brian Mormino, John Pinette and Jonathan Plowe for their important contributions to this report.

Lastly, the AEIC would like to thank the BPC staff for their hard work surrounding this effort.

The ability to access vital energy services, produced in an environmentally responsible way and at a reasonable price, has a fundamental and direct impact on the economic health of the nation. The American Energy Innovation Council (AEIC) came together in 2010 around a shared conviction: America has a great deal to gain from smart, ambitious innovation investments in the energy sector.

Last summer, we released a report, A Business Plan for America's Energy Future, which called for a more vigorous public commitment to energy technology development and presented actionable recommendations to unlock the ingenuity needed to reach these goals. Numerous studies have since confirmed our findings and echoed our recommendations.

One year later there have been some signs of progress, but our recommendations remain largely unfulfilled.

Drawing on our own experiences leading large businesses in competitive industries, we understand that innovation-based programs are essential to maintaining America's long-term competitiveness. This is true for businesses; it is also true for the country, especially for its energy interests. Even in an era of constrained public resources, we strongly believe that government has a critical role to play in stimulating clean energy technology innovation.

Building on our previous report, this update highlights the need for an active government role in energy innovation, recommends ways to improve the effectiveness of government innovation programs, and highlights options to pay for energy innovation investments.

Now is the time to make smart, aggressive investments to address America's energy challenges.