The Clean Energy Bank: Financing the transition to a low-carbon economy - 0 views
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Last week House Energy and Commerce members approved by 51-6 an amendment to the Waxman-Markey bill offered by Rep. John Dingell (D-MI) to create a clean energy bank . As Greenwire explained, the amendment would "create an autonomous Clean Energy Deployment Administration (CEDA) within the Energy Department" that would "provide a suite of financing options, including direct loans, letters of credit, loan guarantees, insurance products and others" for "energy production, transmission, storage and other areas that could reduce greenhouse gases, diversify energy supplies and save energy." CEDA must adopt a "portfolio investment approach" and "ensure no particular technology receives more than 30 percent of the total funding available." John Podesta and Karen Kornbluh explain why we need a clean energy bank in a post first published here. The picture is of a worker makes adjustings before a section of a wind turbine is put into place at Energy Northwest's Nine Canyon Wind Project near Finley, WA, the kind of clean energy project the bank could help accelerate. The United States is falling behind in the space race of our generation-building long-term economic prosperity powered by low-carbon energy. China's stimulus package invests $12.6 million every hour in greening its economy, for a total of $220 billion, twice as much as similar U.S. investments. Meanwhile, during the most recent economic expansion the average American family paid more than $1,100 a year in rising energy bills for U.S. policies that favor fossil fuels.