60 Minutes' 'Cleantech Crash' Segment Misses The Point, Critics Charge (VIDEO)

A modern "60 Minutes" section is drawing sharp criticism for its pessimistic get on the green technological innovation sector, which questioned no matter whethe

60 Minutes' 'Cleantech Crash' Segment Misses The Point, Critics Charge (VIDEO)

A modern "60 Minutes" section is drawing sharp criticism for its pessimistic get on the green technological innovation sector, which questioned no matter whether clean tech has turn out to be a "filthy word."

"The Cleantech Crash," which aired Jan. five and can be watched earlier mentioned, argues that renewable electricity and other kinds of thoroughly clean technology are a dying business. Critics have referred to as the phase a "hit position," a "debacle," an "about experience" and even "Dumb & Dumber Portion 3."

1 of the biggest problems with the section, critics cost, is that it conflated the Silicon Valley thoroughly clean tech enterprise cash scene with the Division of Energy's personal loan guarantee application for renewable energy.

Weather Progress' Joe Romm contends that CBS missed the issue by focusing on the failure charge of private-sector startups and "[failed] to recognize that the successes extra than pay back for the failures." It really is worthy of noting that as quite a few as 3-quarters of all venture-backed organizations fall short, the Wall Avenue Journal stated in 2012. Only three in 10 startups in the thoroughly clean tech sector yield favorable returns for buyers, according to a 2004 estimate.

The New York Instances a short while ago profiled the U.S. solar business in a entrance-page tale, noting that firms are benefitting from a "solar electricity craze that is sweeping Wall Avenue." Even with the new U.S. oil and gas growth, the nation "has much more than doubled electrical energy technology from wind and solar" in the previous 4 decades, notes the San Jose Mercury News' Dana Hull.

"If sixty Minutes had taken just two minutes to contact us, they could have gotten some of their details straight," Ken John, a vice president of the Photo voltaic Energy Industries Affiliation, advised the Washington Examiner. "In truth, America's photo voltaic electricity market just closed the textbooks on a history-shattering 12 months in 2013."

The "sixty Minutes" phase also concentrated on the Department of Energy's financial loan promise method, which has funneled billions of dollars into lower-carbon and clear-energy tasks considering that the passage of the Power Policy Act of 2005. The purpose of the method "is not to make income," Romm notes, but to accelerate the deployment of clean up strength technologies, though dropping selling prices and producing work.

Jonathan Silver, the former head of the DOE's financial loan assurance system, testified ahead of Congress in 2012 that the portion of grants presented to ventures that later failed "depict[s] much less than 3% of the whole portfolio." He informed Fortune in June that the software "has been a substantial achievements." "Marketplaces will usually have problems deploying impressive technologies at scale," he spelled out. "Basically, a software like this is required to address that current market failure."

Even with the successes of the method and analyses showing its value-usefulness for taxpayers, Sunday's segment targeted on two noteworthy failures -- automaker Fisker and photo voltaic panel producer Solyndra. When interviewing previous Vitality Section undersecretary Steven Koonin, "sixty Minutes" host Lesley Stahl rattled off 7 other failures of the DOE method ahead of declaring, "I'm fatigued." Their aim on people outliers in the DOE plan, nonetheless, was "both equally stale and overblown," GigaOM's Katie Fehrenbacher argues.

To CBS' credit score, it has been a rocky road for some venture capitalists in the clean technological innovation sector, Fehrenbacher notes. There was a bubble, but "only in the undertaking capital, Silicon Valley ecosystem," she clarifies. "sixty Minutes" did alone a disservice by combining the "completely separate and distinctive" tales of enterprise money and federal help for eco-friendly technological innovation. A person dilemma, according to Fehrenbacher is that clean tech is a "convoluted time period," that "can mean quite a few matters, and is not all that helpful as an organizing team." The phase will make reference to the "normal cleantech location," while speaking about biofuels, photo voltaic panels, electric vehicles, and other greatly divergent industries.

Critics have also observed that the terms "weather adjust," "world wide warming," "greenhouse gasoline emissions" or "carbon dioxide" were being never uttered in the "60 Minutes" segment.

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06 January 2014 Monday 18:25
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