US companies are on the cusp of big climate solutions. Thank the government.

A National Academies report commissioned by Congress found that ARPA-E, the Energy Department's high-risk clean energy funding program, turned $4 billion in grants into more than $20 billion in follow-on investment and 1,400-plus patents since 2009. Success stories include Fervo's geothermal wells now powering Google data centers, Form Energy's multi-day iron-air batteries, and X-energy's small nuclear reactors, all early ARPA-E recipients.

The report recommends Congress expand the program's funding and redirect it from now-cheap solar and battery tech toward harder problems like fusion, seasonal storage, and carbon-free steel and cement. Trump tried to defund ARPA-E in his first term and this year proposed cutting it nearly in half, even as his own Energy Department continues issuing new grants and tells reporters the program is 'advancing President Trump's agenda to restore American energy dominance.'

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