Scaling and improving today’s clean energy technologies can take us part of the way to the future we all want.

Technologies like wind power, solar power, LEDs, electric vehicle batteries, and many others are already rapidly approaching widespread cost-competitiveness with traditional forms of energy.

These technologies alone will not be enough: it has become clear now that to provide universal energy access around the world while simultaneously achieving required emissions reductions, we must unleash an unprecedented Energy Innovation Revolution today and over the next few years to develop the transformative new energy technologies that will be needed to close the gap between the 2050 we are headed for and the 2050 we want for our children and grandchildren.

So even in the best case, the new energy technologies that we begin to commercialize today will take 30 years or more to have the kind of impact we need by 2050.

Successfully investing in the commercialization and deployment of these new energy technologies has proven to be hard.

Perhaps even more urgently, over the next 5 years, the world’s leading institutions, innovators, and most influential individuals around the world must rally together to dramatically increase funding support to an unprecedented new generation of breakthrough energy technology ventures to commercialize the most promising new energy ideas in the world’s labs today into real-world technologies that can be deployed at a global scale.

Just last October, MIT launched a first-of-a-kind major innovation initiative The Engine that will provide more than $150 million in initial funding for transformative new companies developing breakthrough technologies in energy and other globally important areas.