On Tuesday, China announced plans to offer significant subsidies to solar energy projects all across the Asian nation. China is among the countries that has used low-cost financing to spur domestic renewable energy production. At its current rate of progress, China is on pace to become the world leader in every sector of renewable energy production.
Global leadership in the 21st century will be measured by many standards, but in the field of renewable energy the United States is in desperate need of the jump start that a Clean Energy Deployment Administration/Green Bank would provide to the currently depressed sector. China is rapidly moving towards energy independence, and energy independence for any country is aligned with economic and national security interests. The United States needs to move to the forefront of the global community in renewable energy generation, and creating a CEDA/Green Bank would be a giant step towards doing so. Posted by: Alex Kragie
Governor Jon Corzine of New Jersey testified before the Senate Committee on Environment and Public Works today, and had the following to say about the Green Bank:
"In closing, I would like to emphasize the importance of a national approach to enable the financing of clean energy technologies. One such mechanism could be a Green Bank. It would operate as a federally-owned, independent corporation providing low-cost financial support to private clean energy projects. It is my opinion that this concept will be a part of a solution that will:
1. Spark the deployment of clean energy and energy efficiency projects and shrink greenhouse gas emissions while spurring jobs and lending; 2. Drive down the costs of--and broaden support for-- addressing climate change; 3. Help us to compete with Europe and Asia which continue to increase their investments in clean energy, even during this global recession
With the flexibility to work with the full range of private sector financing tools, and at the proper scale, with a minimum funding level of $10B, and ideally $50B, the Green Bank would serve as the Marshall Plan for an emerging low-cost, low-carbon energy economy.This needs to be a part of a larger national strategy to support technology research and development, innovation, and the deployment of renewable energy resources that will provide us with solutions to our energy challenges.
I endorse concepts such as the Green Bank, also known as the Clean Energy Deployment Administration in the Waxman-Markey bill. I respectfully urge that Congress create the necessary financial mechanisms that provide the independence, flexibility and funding necessary to support the development of clean energy, stimulate job growth, shrink harmful emissions and spark our global competitveness."
We here at the Coalition for the Green Bank couldn't agree more.
With unemployment edging towards 10% and increasing calls for a second round of stimulus, the Coalition for the Green Bank has an answer. It's actually quite simple: pass a comprehensive piece of energy reform legislation out of the Senate that (with the inclusion of the Green Bank/CEDA) will add long-term jobs to American payrolls, provide investment in our lagging energy infrastructure and provide consumers and businesses with clean, renewable electricity that originates right here in the United States.
With the Senate passing legislation including the Green Bank (CEDA), energy reform will take effect as soon as 2010, triggering an immediate stimulative impact on our economy which will be accomplished by four bold and integrated measures: The Renewable Electricity Standards (RES), as included in the House version of the bill, will guarantee demand for new sources of renewable energy. A Transmission Bill will assure that supply will be delivered from optimal locations. The Green Bank will finance the new supply of American-generated clean energy. Lastly, Caps in the legislation will guarantee that utilities phase out the dirtiest power first.
We're starting to see the battle lines being drawn on the Energy debate in the Senate: Opponents of a Green Jobs/Energy bill are trying to scare people with false talk of increased retail electricity rates brought on by the bill that passed the House as the American Clean Energy and Security Act of 2009 (ACES) and is now being contemplated in the Senate. Ads from the National Republican Congressional Committee have already hit the air with this message.
This is an argument that we are thrilled to have. All of these attacks on energy reform efforts fail to take into account the existence of the Clean Energy Deployment Administration (CEDA)/Green Bank that was included in the House bill.
With a fully-funded Green Bank, we would actually see a decrease in retail electricity rates across the country, sparing consumers from rate hikes while smoothing the transition to a clean energy economy. Remember this the next time you hear an ominous voice on television telling you your electricity rates will increase under the Senate's efforts at energy reform. It won't happen with the Green Bank.
Last Friday, President Obama and the 111th Congress took the first step toward delivering on the bold policy agenda promised to all Americans during last year's electrifying campaign season. In interviews given after the campaign had concluded, then President-elect Obama stated that Energy was to be his first priority as newly elected President. Last week, the new administration scored a major victory (with the tremendous efforts of its allies in the House of Representatives, particularly Speaker Pelosi, Rep. Waxman and Rep. Markey) in the American Clean Energy and Security Act of 2009 (ACES).
ACES marks a turning point in our country's approach to a smooth "carbon to clean" energy transition. Suddenly we find ourselves with some chips on the table and the right hand of cards to play as we head into December's Copenhagen Climate Change Conference. For the first time, we are dealing from a position of strength in our effort to point the 21st century energy compass toward "clean."
And while all of these steps toward a cleaner and safer future bode well, we can never forget that it is the American people that bear the burden of our progress. In difficult economic times it is the moral imperative of our government to do everything within our power to lighten the burden shouldered by the American taxpayer.
The Clean Energy Deployment Administration (CEDA or Green Bank), is one of the key provisions included in the ACES legislation as passed through the House, a piece of legislation that will be able to shield consumers from the potential costs of the transition to a Clean Energy Economy. The CEDA/Green Bank is a government owned, wholesale, non-profit lending institution that will provide the liquidity necessary to jump-start the currently dormant clean-energy generation market. Under the leadership of Rep. Van Hollen, Rep. Inslee and Rep. Dingell, the CEDA/Green Bank has been included in ACES as an independent and flexible entity that will maximize the positive impact seen by consumers.
Opponents of the ACES bill have said that consumers will bear the brunt of rising retail electricity prices brought on by provisions in the bill. What these gloomy projections fail to take into account is that retail electricity rates in every state will not only stay flat, but see a decrease if the CEDA/ Green Bank is included in its full strength in the legislation. This is why forward-thinking energy companies such as GE, Applied Materials and T. Boone Pickens' Mesa Energy are throwing themselves behind the effort.
This is where you can get involved. Tell your Senators to pass ACES and make the CEDA/Green Bank as strong and well funded as possible. Check back for updates from The Green Bank Team on the progress of the legislation and other developments from the forefront of the push for a clean 21st century energy economy. With the CEDA/Green Bank we can ease the burden of our crucial transition from "carbon to clean" and make the bold action necessary to combat our energy crisis as painless to consumers and shareholders as possible.
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