Jul

2

Coalition for the Green Bank Congratulates House Members for Passage of American Clean Energy and Security Act of 2009

Filed Under ACES Bill, US Carbon Cap and Trade, US Carbon Market, US Carbon Trading 

The Coalition for the Green Bank today congratulates Speaker of the House Nancy Pelosi, Representative Henry A. Waxman, Chairman of the House Committee on Energy and Commerce Committee, Representative Chris Van Hollen, and Representatives Edward Markey, John D Dingell and Jay Inslee on the passage of the American Clean Energy and Security Act of 2009 (H.R. 2454), an Act that will steer America towards a clean and renewable energy future.

In particular, the Coalition congratulates Representative Van Hollen for his work as the author of the original Green Bank Act proposed in March. Represented in the American Clean Energy and Security Act as the Clean Energy Deployment Administration (CEDA), the Green Bank will serve as an essential catalyst for the successful development and implementation of clean and renewable energy. Reed Hundt, co-chair of the Coalition, stated, “With the flexibility and independence of the Green Bank alone, as implemented by the Clean Energy Deployment Administration (CEDA), America will be able to build clean energy facilities that reduce emissions by up to 10% over time.”

The Clean Energy Deployment Administration will be an independent corporation, wholly owned by the United States, and will be charged with the sole purpose of providing the financing support necessary to accelerate the deployment of a wide range of clean energy technologies, including breakthrough technologies. In its current format, CEDA or the Green Bank, as we call it, will be able to provide at least $75 billion in direct and indirect financing support which, when coupled with $75 billion in equity, produces $150 billion in new investment. This in turn is projected to produce at least 75 gigawatts of clean energy.

“Actively sought by the Coalition for the Green Bank, CEDA, as passed in H.R. 2454, will be the stimulus for billions in investment, millions of jobs, and critically needed sustainable energy technologies,” said Todd Filsinger, co-chair of the Coalition for the Green Bank and head of PA Consulting Group’s Energy Capital Markets practice. “Today’s vote marks a profound moment in America’s energy revolution and much credit goes to those legislators who played a role in the Act’s passage.”

The Coalition calculates that the Clean Energy Development Administration will be able to reduce total cost of cap permits by almost 20%. When effects of the loan guarantees in stimulus are combined with the loan guarantees in CEDA,, the Coalition further estimates that 18% of the carbon-emitting electricity generation capacity of the US will be replaced with clean renewable energy sources. It also estimates that this will be equivalent to an approximate 40% drop in the cost of emission caps.