Abstract

as an environmental issue—for its economic, political, and security implications as well. Preventing catastrophic climate change is the challenge of this generation. To succeed, we must foster a new energy economy in the United States and around the world, with special emphasis on two economic sectors—power generation and transportation—and their dominant fuel sources, coal and oil. Both areas pose very large challenges, but transportation may be the more difficult because the sector depends almost completely on a single fuel. Recently, much attention has been paid to the potential of ethanol—and biofuels more broadly—to substitute for gasoline at large scale. Ethanol, particularly from corn, is no panacea, but over time biofuels—especially “second-generation” biofuels from non-food crops—could make a substantial positive contribution. Their development could also come at great environmental cost. Sensible policies are needed that consider the long-term consequences of our actions. Long-term thinking, unfortunately, is not a leading American virtue. Corporations seek short-term profits over long-term gains, driven by the pressure to report to investors each quarter. Public officials rarely rise above the perceived demands of the next election cycle in shaping policy. Even high-minded interest

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