A new report says California needs to spend at least $1 billion per year on energy research, development and deployment, and $500 million per year to help local businesses grow.
The report, called California’s Energy Future, is being released Monday by the California Center for Sustainable Energy, a nonprofit that advocates for a better energy future.
The state currently spends about $2 billion annually on energy-related research, but that amount is expected to double over the next decade as state governments seek to keep pace with surging demand for energy, according to the report.
The report recommends a massive investment in renewable energy and research into new forms of energy production and storage, as well as the development of carbon capture and storage technology to reduce emissions of greenhouse gases.
The California Energy Commission, which oversees the state’s energy sector, is reviewing the report for the first time since it was first released in 2014.
The commission is currently considering several proposed changes to its current energy regulations, but those recommendations have not yet been adopted by the state legislature.
The state’s lawmakers have not taken a final vote on the recommendations.
A report by the Center for Strategic and International Studies released last month found California ranks sixth in the country in the amount of clean energy that it generates.
That report also suggested California has lost ground in its ability to develop renewable energy technologies.
A bill is in the works to add a $3.5 billion cap on the amount California can generate from wind and solar power.