Coalition for Green Capital

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.

Posted by: Alex Kragie

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