“Yesterday the House took an important step toward fighting
our dependence on dirty energy sources like fossil fuels and nuclear and put us
on a path towards combating global warming by passing the Energy and Job
Creation Act of 2008, H.R. 6049. The act extends federal tax incentives that
are needed to promote renewable energy technologies and energy efficiency and
help promote the burgeoning renewables industry which will add clean green jobs
in the United States.
We have real opportunities to chart a clean energy path to a
green economy but we will never make that transition if our energy policy
continues to promote dirty sources. Dirty energy sources like fossil fuels and
nuclear have locked in long term incentives while clean renewable sources and
efficiency struggle to get short term extensions. It is time for Senate
Republican leadership and the White House to stop blocking this important clean
energy legislation
The new package includes a renewable energy production tax
credit, clean renewable energy bonds, an efficient commercial buildings tax
deduction, an investment tax credit for solar electric and fuel cell systems, tax
credit for energy efficiency upgrades to existing homes and a new tax incentive
for consumer tax credit for plug-in hybrid electric vehicles. These energy
incentives are worth roughly $20 billion. The regulatory uncertainty that has arisen as
a result of the delays in extending the incentives are already affecting investment
decisions for future clean energy projects.
Clean renewable energy sources such as solar and wind are beginning to
make an increasing contribution to our energy mix. In the past year wind energy was 30% of new
electricity generation. Over 4,000
megawatts of solar energy from power plants are in development across the US.
Because of consistent opposition from the White House and
the Senate Republicans to several House-passed extensions of the clean energy
incentives, these industries are already starting to see job losses.
Everyday that goes by without extending these tax incentives
puts more high paying American jobs at risk. Earlier today the White House
issued a Statement of Administration Policy threatening to veto the House Bill
if it reaches the President’s desk. It is disappointing that President Bush is
not interested in promoting good energy policy and the economy.”
