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Brian Deese

Institute Innovation Fellow, Massachusetts Institute of Technology

Brian Deese is a highly accomplished individual with a diverse background in law, economics, and public policy. He is a graduate of Yale Law School where he obtained a Doctor of Law (JD) degree. Prior to that, he studied at Middlebury College, showcasing his strong educational foundation.

Brian Deese has held key positions in prestigious organizations, including being the Institute Innovation Fellow at Massachusetts Institute of Technology. He also served as the Director of the National Economic Council at The White House, demonstrating his expertise in economic policy and decision-making at the highest levels of government.

In addition, Brian Deese has a strong background in finance and sustainability, having been the Global Head of Sustainable Investing at BlackRock. This experience underscores his commitment to responsible investing practices and his understanding of the intersection between finance and environmental issues.

Moreover, Brian Deese has contributed to academia as a Senior Fellow at Harvard Kennedy School, where he likely shared his wealth of knowledge and experience with students and fellow academics. His roles as a Senior Advisor to the President, Deputy Director of the Office of Management and Budget, and Deputy Director of the National Economic Council at The White House further highlight his influence and impact on critical policy decisions.

Brian Deese's early career involved positions such as Special Assistant to the President at The White House, where he likely gained valuable insights into the inner workings of government and policy formulation. His experience as an Economic Policy Analyst at the Center for American Progress and Research Associate at the Center for Global Development also showcase his expertise in economic research and analysis.

Highlights

Aug 23 · linkedin

I have been thinking a lot lately about how to more effectively advance US interests in a new geopolitical environment defined by fragmentation and growing great power competition.

The scale and stakes of the energy transition create an opportunity. It will be the largest capital formation event in human history and will require an historic building effort - particularly with the ascendancy of AI. Developing countries and emerging markets will need access to cheap capital and technology to credibly accelerate this transition.

I believe this moment calls for an American strategy akin to the Marshall Plan.

Almost 80 years ago, Secretary Marshall designed an internationally-facing industrial strategy that was generous to our European allies in an unapologetically pro-American way.

Today, if we unlock foreign demand for domestic clean energy innovation in service of meeting other countries’ development and energy transition needs, we will see American workers and businesses benefit.

A modern Clean Energy Marshall Plan should be much more than exporting our clean technology. The aim should be to invest in innovation to drive cost declines in emerging markets. It should make supply chains and critical minerals markets more resilient. It should expand other countries’ clean manufacturing capacity abroad. It should serve as the counter to China’s BRI and their looming dominance over clean technology. It should position the US as a reliable partner on clean energy and digital infrastructure at the intersection of energy and AI.

Principally, this looks like accelerating the adoption of low-cost, zero-carbon solutions, like the manufacture of batteries, the deployment of nuclear and geothermal, and the diversification of critical minerals processing. It takes the core theory of the IRA abroad: the most credible way to catalyze the uptake of zero-carbon technologies is to make that technology cheap and widely available.

But this is not self-executing. Without U.S. leadership and innovation, the world will not act fast enough to counter climate change. Without U.S. action, other countries will outcompete us. Without U.S. investment, other countries will out-partner us.

Such a plan requires political focus to enact new authorities and resources, but it is not impossible. Finding lessons in history and taking advantage of this moment of domestic economic strength, the United States can do something generous for people across the globe in a way that benefits Americans. It should take that leap, not just because it is the morally right thing to do, but because it is the strategically necessary thing to do.

I put down my thoughts in Foreign Affairs, including the core pillars of a plan for how the United States can get this done. Keen to hear reactions.

Aug 9 · linkedin

This week the Inflation Reduction Act turned two. Here's what we know and don't know, and what I'm particularly focused on going forward. (All of the data here are informed by the latest quarterly release from our MIT/Rhodium Clean Investment Monitor: https://lnkd.in/eTGTPuTi).

The topline is two years of record breaking private investment in clean energy. Far beyond what most analysts projected. Clean investment is up 71% in the two years since the IRA was enacted. Total private investment over those two years was $493bn. Virtually no one had "nearly a half trillion dollars" on their bingo card in 2021.

One of the notable things about this surge is that clean investment for the first time is really driving the trend in overall private investment in the U.S. economy. To make that specific: over this two year period, clean investment was responsible for more than half of the total private investment growth, economy wide. Clean investment in Q2 represented 5.5% of total US private investment in structures, equipment, and durable consumer goods in the United States, up from 1% five years ago.

The dominant driver of this clean investment surge is manufacturing and innovation. Since the IRA passed, we've seen $89 billion invested in new or expanded facilities, up 400% over the pre-IRA period. The EV supply chain represents the majority of this investment – but solar has seen the largest percentage growth (10x), with QCells and other companies driving investment into an American solar supply chains.

In the wake of the IRA we have also seen burgeoning markets for new technologies necessary for the clean energy transition. Investment in carbon capture, clean hydrogen, sustainable fuels is up 13x, as these technologies transition from R&D to commercial phases.

One of the things we still don't know is what is driving consumer adoption and deployment of key technologies like heat pumps. The data we have, for example, suggest that only a small share (~10%) of heat pump installations are taking advantage of the IRA's tax credits. We have work to do to unpack what is going on here, and what we can do to make these policy tools more effective.

There’s certainly some data that also give me pause -- and are reinforcing my concern about supply side barriers to build in the US. Investment in wind deployment is running at half the pre-IRA level. We’re not deploying clean electricity at the rate needed to keep apace with emissions goals. Both manufacturing and energy & industry announcements are down year on year (67% and 20%, respectively). This will be key to watch over the coming months.

There’s a host of other findings to dig into: What’s the geographic uptake of the clean energy tax credits? How is project implementation and construction going across the country? Will emerging technologies – nuclear, geothermal, hydrogen, carbon capture – scale fast enough?

I’m curious to hear your reactions, feedback, and input.

Brian Deese
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Location

Washington DC-Baltimore Area