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This is CBS I On The World with John Bachelor. Here's John Bachelor.

This is CBS I On The World. I'm John Bachelor and I welcome Vijay Bhattaswaran,

the Energy and Green Innovation Editor for the Economist magazine, observing a scene in the

distant past, early part of this century, in which a young entrepreneur or a team of them

walk into a venture capital fund, everybody arranged around listening to the pitch,

and the first sentence includes the word clean tack. At that point, the senior partners in the room

suddenly want lots of coffee and leave the room. What does that tell us about where we've

been in the idea of green innovation and where we're going? Vijay, a very good evening to you,

presuming those senior partners are now listening. What is it that they miss in the early part of this

century that they will now hear in this part of the century? Good day to you.

Good day, John. Good to be with you. You're quite right. There was a time, just a few years ago,

when clean tack, as it was called, that is various forms of early-stage companies investing in

risky and proven ways to do clean energy and related technologies were in the doghouse.

There had been a bit of a wave and enthusiasm, a boom for clean tack, 10, 12 years ago, and it

attracted quite a lot of money from venture capital. But what we found was that those technologies

were really hard. It's not as easy as two guys in a garage coming up with a social media app,

which can get to market quickly and iterate quickly and create the next Twitter, scale up to

hundreds of millions of users in a few months. It's really hard to figure out energy storage,

for example, for the grade or some advanced form of renewable energy. The venture capitalists lost

...