A little-discussed provision in the clean energy bill, the Clean Energy Deployment Administration, would have a huge impact on the U.S. clean tech industry, as this post by Center For American Progress’ Jake Caldwell explains. Yet the EIA didn’t even model the clean energy bank in its recent climate bill analysis (see “Despite its many flaws, EIA analysis of climate bill finds 23 cents a day cost to families, massive retirement of dirty coal plants and 119 GW of new renewables by 2030 — plus a million barrels a day oil savings“). Combined with all the other provisions in the bill, plus the stimulus and the Administration’s other clean energy and climate policies, Obama would easily meet his promise of $150 billion in U.S. government investment in clean energy over 10 years — and in fact will ultimately drive some $100 billion a year in total U.S. investment in clean energy.
The creation of a Green Bank will encourage a long overdue integrated and strategic approach to clean-energy innovation, efficiency, and deployment in the United States. In combination with Senate action on clean energy—legislation that provides incentives for the research, development, and deployment of clean-energy technologies, and a market-based pollution-reduction program that reduces greenhouse gas emissions and reinforces a predictable price signal on carbon—the Green Bank will open credit markets, motivate private business to invest again, and create good, clean-energy jobs here at home.
In partnership with the private sector, the Green Bank will enable innovative, commercially viable clean-energy technologies in such areas as wind, solar, geothermal, advanced biomass, increased efficiency, and transmission infrastructure—all to be deployed on a large scale. The construction and actual deployment of these clean-energy technology projects is vital to a clean-energy future.
Primer on the Green Bank
The Green Bank, or Clean Energy Deployment Administration, is a key element of proposed clean-energy policies. The Green Bank would provide more favorable terms to companies—including lower interest rates and a lower cost of debt—to offset the high cost of financing new renewable energy projects through the private sector. This new financing system will spark the clean-energy transformation and accelerate the cost-effective, large-scale deployment of renewable energies. It would help fund the transition to a clean-energy economy while making renewable energy production competitive with current electricity prices and keeping consumer prices low by facilitating the flow of private capital into renewable energy and efficiency projects. Most importantly, the Green Bank will use its partnerships with the private sector to provide the capital investment and financial security that is critical to the long-term viability of the clean-energy economy.
The Coalition for the Green Bank
The Coalition for the Green Bank is a consortium of leaders in energy development enterprises including renewable resource developers, original equipment manufacturers, investors, financial advisors and consultants dedicated to the stimulus of green energy assets for clean and sustainable energy and jobs, and economic development. The CGB is proud to have the support of the Pickens Plan, Mesa Power, General Electric, Cavallo Energy, RES-Americas, American Wind Energy Association, Clean Economy Network, ACORE and many more.
The CGB comprises of co-chairs Todd Filsinger (PA Consulting Group) and Reed Hundt, steering committee members Alan Fleischmann, Gilbert Barnes (Greencore Capital), Harrison Wellford (Wellford Energy Advisors), Kenneth Marks, Michael Hoffman (Riverstone Holdings LLC), Mike Gergen (Latham & Watkins), Monty Humble (Mesa Power Group, LLC), Phillip P. Gennarelli (Cavallo Energy), William Gleason (Chinook Energy), and coalition members Andrew Kho (National Cooperative Bank (NCB)), Ben Rogers (Grid Storage Technologies), Bob Jones (Alston & Bird), Bruce Thompson (US Mainstream Renewable Power Inc.), Dan Carol (Green Harvest Technology), Dave Chen (Equilibrium Capital Group), Harold Borden (Cavallo/Cross Hudson), Howard R. Berke (Konarka Technologies, Inc.), Jason Scott (EKO Asset Management Partners), Jeanine Hull (Strategic Energy Advisors, Inc.), Jeffrey King (Clean Economy Network), John E. Mullen (AMB International Finance, LLC), Jon Bonanno (Principle Power), Josh Becker (New Cycle Capital), Joshua Greene (Patton Boggs), Joshua Weinstein (AMSOLAR Corporation), Karen Williams (Lane Powell), Ken Emma (Helix Electric, Inc.), Kevin Scannell (Tessera Solar), Kristian Hanelt (Tioga Energy), Larry Leete (Kanepi Innovations), Larry Rayman (Gas Turbines International, LLC), Marc Porat (Serious Materials, CalStar, ZETA), Mark Patkunas (Higher Power Energy, LLC), Matt Golden (Sustainable Spaces), Michael Eckhart (American Council On Renewable Energy (ACORE)), Michael Peck (MAPA Group), Michael Telford (Greencore Capital), Mitchell Dong (Mohave Sun Power LLC), Paul Kaplan (Commonwealth of Kentucky), Preston Read (RecycleBank), Raymond J. Albright (AMB International Finance, LLC), Robert Marsh (Mohave Sun Power LLC), Robert O’Connor (Wilson Sonsini Goodrich & Rosati), Romie Basra (National Cooperative Bank (NCB)), Scott E. Jorgensen (Solarsa, Inc.), Steve Boyd (Boyd Strategies), Steve Taub (GE Energy Financial Service), Thomas R. Rosen (Green Amperage Partners, LLC), Tom Amis (Alston & Bird), Tom Casey (CURRENT Group, LLC), and William G. Morin (Applied Materials).
Recommended Green Career ResourceS:
UNCOVERING YOUR GREEN NICHE – One of the most important skills you can have as a green career seeker is being able to articulate your green career niche. This free ebook by Carol McClelland PhD shares the secrets of finding your green niche.
THE COMPLETE GREEN JOB GUIDE 2009: SECRETS FOR GETTING THE JOB YOUR WANT – Discover How To Unlock The Booming Green Economy For Your Job Search And Future Financial Security with the 10 Breakthrough Steps You Need To Know To Find And Land A Green Job Quickly.
© 2009, Tracey de Morsella. All rights reserved. Do not republish.