October, 22 2009, 12:06pm EDT
Report: US Risks Falling Behind Other Nations in Financing Clean Technologies
New Green America/Clean Edge Report Analyzes Five Most Promising Financing Models To Put US Back In the Lead Globally on Clean Tech
WASHINGTON
Although significant clean-tech investments
are being made in America, the United States risks losing ground to
other nations -- such as China and South Korea -- that are pursuing
aggressive clean-tech growth initiatives, according to a new report
being released today by Green America and Clean Edge Inc.
The
good news: innovative financing models are available to keep the U.S.
competitive in the clean-technology race. The new Green America/Clean
Edge report analyzes five clean-tech financing models that hold the
most promise for America, including Clean Energy Victory Bonds.
The report, Five Emerging U.S. Public Finance Models: Powering Clean-Tech Economic Growth and Job Creation, can be downloaded for free at Clean Edge (https://www.cleanedge.com/reports/reports-financemodels.php) or Green America (https://www.greenamericatoday.org/PDF/FiveEmerging_US_PublicFinanceModels.pdf).
Green
America Executive Director Alisa Gravitz stated: "Addressing climate
change, energy security and job creation at the speed and scale we need
requires aggressive growth in clean-tech sector in the United States.
It is clear from the research contained in this report that we need a
range of financing approaches to fulfill the promise of the United
States to remain a clean-tech leader for years to come."
Ron
Pernick, co-founder and managing director of Clean Edge, said: "For
many years, clean-tech leadership in the U.S. has been largely at the
state level. Federal investment through the five financing models
overviewed in the report could help to ensure the nation's economic
competitiveness while also proving assistance to the states. These
models can help the country garner the myriad benefits of a
clean-energy future - job creation, energy independence, climate and
pollution mitigation and economic competitiveness."
The five clean-tech financing models outlined in the Green America/Clean Tech report are:
- Clean
Energy Deployment Administration (CEDA), also known as "The Green
Bank," which would provide loan guarantees, credit enhancements and
other financial tools to stimulate private sector lending and
investments; - Clean Energy Victory
Bonds, which would allow millions of Americans access to investment in
the clean-tech sector through safe, long-term government bonds; - Tax Credit Bonds, which offer investors a tax credit partially or fully in lieu of interest payments;
- Federal Loan Guarantees, which have a track record of creating industry development; and
- Clean Tech City Funds, which provide lending directly to homeowners and are showing promise in cities nationwide.
The
report reaches several conclusions about the need for federal
involvement in clean energy financing to keep the U.S. competitive. It
points out: "Federal involvement to finance clean-energy development
at the city, state, regional and federal levels is necessary to move
forward with a clean-energy future. Strong federal clean-energy
financing mechanisms should provide a framework for clean-energy
deployment. Solid, predictable and long-term federal regulatory and
policy frameworks and support are needed, including in deployment of
smart grid and renewable, a nationwide price on carbon, a federal
renewable energy standard and a shift from imported fossil fuels to
domestic clean energy. Additionally, the financing models outlined and
analyzed in the report are not mutually exclusive but instead should be
used in combination to ensure continued growth and to maximize the
benefits of U.S. clean energy."
Green America is a not-for-profit membership organization founded in 1982 and known until January 1, 2009 as "Co-op America." Green America's mission is to harness economic power--the strength of consumers, investors, businesses, and the marketplace--to create a socially just and environmentally sustainable society.
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