Energy bill stands better chances due to spill (Washington, D.C.)

A proposed energy bill placing a cost on carbon dioxide emissions could mean huge public and private investment — and a big boost to some cutting-edge industries like biofuels, solar power, and even new developments in nuclear power.

President Obama, with the example of the Gulf of Mexico disaster fresh in the public’s mind, is renewing the push for just such legislation. He’s invited leaders of both Congressional parties to a White House energy summit Wednesday, repeating the strategy he used to pass health care reform, although this time he's hoping to get some Republican support for his plan.

If Obama and his congressional allies are successful, that could mean an extra $22.5 billion in annual spending in the energy sector alone by 2030. In all, the Peterson Institute for International Economics says more than $40 billion in government and private-sector funds would be spent on energy.

Here are five areas of opportunity for entrepreneurs should Congress pass energy legislation this year:

• • Electric vehicles
• • Wind and solar power
• • Natural gas
• • Nuclear power
• • Biofuels

Read more about each sector in Portfolio.com.