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2 Toward a Substantial and Durable Commitment: The Context of the Study
Pages 22-30

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From page 22...
... statement of task should be understood within the context of These options can considerably reduce oil consumption the committee's overall mission -- to assess the resources the over the next 20 years, but they are unlikely to eliminate United States would need to support a transition in motor the problems of oil dependence and climate change. Their vehicles, fuels, and fueling infrastructure aimed at accom- ultimate resolution will require bringing to market vehicle plishing three essential public goals: technologies such as the hydrogen fuel cell vehicle (HFCV)
From page 23...
... biased to achieve political and economic objectives. ENERGY SECURITY For example, a recent study by the National Petroleum The issue with energy security arises chiefly from the Council stated that "there are accumulating risks to continunear-total dependence on conventional petroleum as the ing expansion of oil and natural gas production from the consource of fuel for the transportation sector in the United ventional sources relied upon historically.
From page 24...
... THE ENERGY TRANSITION Nevertheless, achieving deep reductions in emissions from hydrogen production will require development and use The problems that arise from the security-environmentof processes that can capture and sequester the CO2 gener- economy trilemma become manifest to the public chiefly as ated in hydrogen manufacture, as well as greater use of low- motor fuel prices, trade imbalances, defense expenditures, carbon or zero-carbon energy sources for electricity genera- and inflationary pressures and less visibly but more consetion. Biofuels, especially if produced renewably, also would quentially, threats such as worldwide economic instability, reduce carbon emissions relative to conventional fuels.
From page 25...
... the long-term, but intermittently authorized, the electric vehicle have the possibility to radically trans- production tax credit for installation of wind energy capacity form the worldwide motor vehicle industry, its attendant in the United States. Both of these programs were intended fuel infrastructure, and the electric utility industry.
From page 26...
... installation made in the previous year, although the contract for that reduced rate was still for 20 years. The expectation Wind Energy Production Tax Credits underlying this digressive approach was that an expanding PV manufacturing base would lead to declining prices for The solar feed-in tariff program in Germany stands in delivered PV systems over time.
From page 27...
... ENTREPRENEURSHIP AS A FORCE FOR CHANGE A free economy grows and adapts through competition, The intermittent nature of the PTC has retarded both the "creative destruction" used by economist Joseph Schumthe installation of wind capacity in the United States and peter (1883-1950) to describe the industrial and societal the development of the wind energy industry in the United transformations that accompany widespread innovation.
From page 28...
... In the economy as a whole, entrepreneurial companies TABLE 2.2  Capital Invested in Selected Small Public with venture capital backing have had an enormous impact. Hydrogen and Fuel Cell Companies Listed on the According to a study issued recently by the National Venture NASDAQ Capital Association, venture-backed companies employed Invested Capital 10.4 million people and generated $2.3 trillion in revenue in (million dollars)
From page 29...
... During 1998-2001, signals from the has graciously provided aggregated data that show capital auto industry about imminent introduction of hydrogeninvested in more than 68 private fuel cell and/or hydrogen fueled vehicles led to a surge in private and public capital companies to be almost $805 million since 2002 (Table 2.4) , flowing into entrepreneurial companies that offered techan astonishingly high number in view of the very difficult nologies able to serve this anticipated new market.
From page 30...
... Cambridge, UK: Cambridge University Press. The introduction of production hydrogen fuel cell vehicles NPC (National Petroleum Council)


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