By John Crumpler

Guest columnist

It is troubling to me as an entrepreneur and an investor in the innovation economy to watch the reaction of some in our great country to the debate over the pending clean energy jobs bill that will be taken up by the Senate in September.

The bill is necessary because we have two very serious problems looming in our near-term future.

First of all, the science is clear that climate change is real and happening now. The Earth's temperature has risen 1.4 degrees around the world since the late 19th century and is expected to continue rapidly on an upward trajectory if we do not act now to curb it . Climate change is here and we can see its effects with our own eyes and in our own wallets.

Secondly, we are rapidly approaching a major energy crisis. Most folks probably remember last summer when gas prices soared to well over four dollars a gallon in most regions of the country. Unfortunately, at our current rate, summers like that will soon be the cheaper exception to the expensive rule. Last fall, the International Energy Agency estimated that our oil supply will peak in 2020 and that chronic and worsening shortfalls will follow, which will invariably lead to more price spikes.

Both of these crises have the potential to put our economy through even worse spasms then it has endured lately. According to the Center for American Progress, the volatile oil market has already cost our economy $8 trillion from 1970 to 2005. Meanwhile, it is estimated that climate change could cost the American economy up to $1.9 trillion a year by the turn of the next century. Yet simple energy efficiency measures could save the economy $1.2 trillion by 2020 .

The reaction of those clinging to the failed status quo of dirty coal and big oil is also troubling because every crisis presents an opportunity. We have a huge opportunity in front of us to transition the American economy and create permanent, competitive long-lasting jobs right here at home. We have led every technological revolution of the last two centuries -- electricity, railroads, the telephone, automobiles, the television, computers -- and there's no reason we can't lead the clean energy revolution that has already begun. In fact, some studies have estimated that as many 1.7 million new jobs could be created with investments in clean energy .

As a venture capitalist who makes his living financing and growing young companies, I inherently understand the need to plan ahead -- to make the hard choices in the near term that pave the way for long term success. In this crucial debate we owe it to ourselves and to future generations to get it right. Driven by common sense, not ideology, the imperatives of the future demand that we act now. I hope that Senators Richard Burr and Kay Hagan take this opportunity to push America in the right direction -- away from the dirty fuels of the past and toward the clean energy of the future.

John Crumpler is an entrepreneur, venture capitalist and former software executive. He is a co-founder and general partner of Hatteras Venture Partners, venture capital firm based in Durham. He has served on the North Carolina Economic Development Board.