This is an excerpt from EERE Network News, a weekly electronic newsletter.

November 27, 2002

Energy Companies Promise $225 Million for Alternative Energy Research Project

Four large energy companies announced on November 20th their plan to contribute up to $225 million over the next ten years to support a new energy research project managed by Stanford University. The new Global Climate and Energy Project (GCEP) will develop innovative technologies to meet the world's growing energy needs while reducing greenhouse gas emissions. The GCEP is expecting to receive support from the ExxonMobil Corporation, the General Electric Company (GE), Schlumberger Limited, and E.ON, a European energy supplier. Stanford University expects to perform much of the research, but will also join with renowned institutions around the world to work with the sponsoring companies.

The GCEP will identify the most promising technologies for low-emissions, high-efficiency energy supplies; identify the global barriers to deploying those technologies; conduct research into overcoming those barriers; identify potential solutions to the barriers; and share and publicize its results to a wide audience. With regard to energy efficiency and renewable energy, the GCEP's research agenda definitely includes renewable energy technologies, hydrogen, advanced transportation systems, and power storage and transmission technologies. However, the agenda also includes advanced nuclear power technologies, advanced uses of coal, and carbon sequestration. See the GCEP Web site (particularly the news release).

As noted in the ExxonMobil press release, "The announcement of the project comes as some scientists have begun calling for a research effort as ambitious as the Apollo project to address both energy needs and emission reductions." See the press releases from ExxonMobil, GE, and Schlumberger.