www.mcilvainecompany.com/brochures/...ergy_projects_update.htmz.B.:
'Financial Experts Warn of Fallout, Urge Extension of Recovery Act Renewable Energy Stimulus Programs Scheduled to Sunset at Year’s End
The American Council on Renewable Energy (ACORE) and the United States Partnership for Renewable Energy Finance (USPREF) jointly identified an impending gap in federal support for renewable energy projects at the close of 2010. At a press conference at the Renewable Energy Finance Forum — Wall Street (REFF — Wall Street), top leaders from the financial industry discussed the anticipated post-stimulus landscape for renewable energy and expressed grave concern about potential deceleration and loss of jobs. In particular, the group called for extension of the 1603 Renewable Energy Treasury Grants, also known as the Grant in Lieu of Investment Tax Credit.
“The renewable energy industry is facing a new double crisis: first, a ‘stimulus cliff’ will occur as the ARRA provisions sunset, and, second, a drought of capital continues because the financial crisis has not ended,” said Michael Eckhart, President, American Council On Renewable Energy. “Indeed, the financial crisis goes on, and if not, addressed, the situation risks losing thousands of jobs that were just gained under ARRA.”
With the financial crisis likely to go on for another one to two years, the group agreed that the tax equity markets are likely to remain extremely challenging and lack depth to continue renewable adoption without a material fall off at the end of the year; the 1603 cash grant program, the loan guarantee programs, and manufacturing incentives will be needed to provide vitally important cash infusions and financing to project developers.'
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'Top Economists Agree: Blocking California’s Clean Energy Law Will Be Costly
More than 100 Ph.D. economists with expertise in California energy and climate issues released an open letter in July warning against any delay in the implementation of California clean energy policies. The letter was organized by the Union of Concerned Scientists.
A broad array of the nation’s leading economists, including Nobel laureate Kenneth Arrow, a former professor at Stanford University, disagree with those who support suspending implementation of emission reduction policies. “Delaying action now,” the letter states, ”will be more costly than initiating action now.”
“Postponing the implementation of California’s 2006 law, the Global Warming Solutions Act, will make it more expensive in the end for California to clean up our air pollution,” said Michael Hanemann, Professor of agricultural and resource economics and co-director of U Berkley’s Climate and Energy Policy Institute. “The Air Resources Board is pursuing a balanced and prudent approach that emphasizes increasing our energy efficiency and reducing our dependence on imported fossil fuels that jeopardize our energy security. Any delay in implementing the law would benefit some special interests while imposing a greater burden on local governments.”
The 118 economists who signed the letter support AB 32 and the clean energy policies it requires, stating that these policies can “stimulate innovation and efficiency, help the state become a technological leader in the global marketplace, improve our energy security, create new business opportunities and more jobs, and provide immediate benefits to the health and welfare of residents by reducing local pollutants.”
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