U.S. Bill To Create Clean Energy Investment Agency
Date: 04-May-09
Country: US
Author: Ayesha Rascoe
U.S. Bill To Create Clean Energy Investment Agency Photo: Fred Prouser
The
dome structure is composed of concrete and foam insulation which is powered
by both a solar and wind energy generated by self-contained photo-voltaic
cells and two wind turbines at the unit.
Photo: Fred Prouser
WASHINGTON - U.S. lawmakers introduced legislation this week that would
establish a new independent agency to spearhead government clean energy
investments.
The bipartisan bill, introduced by Senate Energy and Natural Resources
Committee Chairman Jeff Bingaman and ranking member Lisa Murkowski, would
establish a Clean Energy Deployment Administration within the Energy
Department.
The new agency would provide various forms of credit including loans and
loan guarantees to support environmentally friendly technologies that
diversify the nation's energy supply and reduce carbon dioxide emissions. A
clean energy investment fund created from collected payments and fees would
be used to start the agency.
"New clean energy technologies will be needed to reduce America's reliance
on fossil fuels and lower the amount of greenhouse gases that our nation
emits every day," said Bingaman, a Democrat, in a statement.
"This legislation is a bipartisan effort to position the U.S. to lead the
development and deployment of clean energy technologies by ensuring that
commercial financing for these technologies is readily available for the
future," he said.
The main goal of the agency is to back technologies that are deemed "too
risky" by private companies.
The Energy Department is currently dealing with a backlog of applications
for clean energy loan guarantees authorized by a 2005 law, offering its
first loan guarantee under the program just about two months ago.
In addition to the billions of dollars authorized under the 2005 law, the
department was also allocated $6 billion for clean energy and transmission
loan guarantees in the stimulus package.
Murkowski, a Republican, applauded the bill as a way to address climate
change "without imposing new mandates or regulatory burdens."
The Senate Energy and Natural Resources committee is currently considering a
host of measures aimed at increasing U.S. renewable energy production and
energy efficiency. Bingaman is hoping to have a comprehensive energy package
approved by the panel by the Memorial Day holiday on May 25.
(Editing by Lisa Shumaker)
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