Federal Government Asleep at the Wheel
The USA Federal Government has failed to boost Green Energy in a comprehensive manner.The Legislature has been mired in politicking without any movement on the Energy and Climate Change Bill.Even a watered down version of the Bill has not got support leading this crucial Bill in the backburner.The Obama Government’s Efforts in this Area have been piecemeal and erratic.Besides giving Billion Dollar Loans and some Grants,the administration had done nothing.Instead of setting out a Renewable Energy Standard or a Feed in Tariff Policy,the President seems busier in giving speeches and photo-ops.The result has been that USA is lagging far behind Europe and China in the Green Energy area.Deutche Bank Asset Management which invests $6-7 billion out of its $700 Billion corpus in the Green Sector,has made a scathing attack on the lack of US Federal Support for Green Industry.The Bank said it would totally bypass US in making Green Investments and concentrate its energies on China and Europe.Solar Companies are already outsourcing Green Jobs to Mexico and China. US Companies are already recognizing China as a Leader in the Clean Technology Area .
Alternative energy investment prospects have shriveled in the United States after the U.S. Senate was unable to break a deadlock over tackling global warming, a Deutsche Bank official said.
“You just throw your hands up and say … we’re going to take our money elsewhere,” said Kevin Parker in an interview with Reuters.
Parker, who is global head of the Frankfurt-based bank’s Deutsche Asset Management Division, oversees nearly $700 billion in funds that devote $6 billion to $7 billion to climate change products.
Amid so much political uncertainty in the United States, Parker said Deutsche Bank will focus its “green” investment dollars more and more on opportunities in China and Western Europe, where it sees governments providing a more positive environment.
“They’re asleep at the wheel on climate change, asleep at the wheel on job growth, asleep at the wheel on this industrial revolution taking place in the energy industry,” Parker said of Washington’s inability to seal a climate-change program and other alternative energy incentives into place.
States implementing Policies on Their Own to Support Renewable
With lack of Federal Support for Green Energy,US States have taken it on their own to push Green Industry in their states.While California is trying to pass legislation to mandate 30% Renewable by 2020,Illinois recently increased the Electricity Requirement from Solar Energy.Illinois has now made it compulsory for the state utilities to procure 6% of their power from Solar Energy sources by 2015.New Jersey which has been strongly supportive of Solar Energy through promotion of Renewable Energy Certificate (REC) Scheme has now turned its attention to Wind Energy.The Governor recently signed a law which would promote the use of Offshore Wind Energy through RECs.Other subsidies would be given to Offshore Wind Infrastructure Providers as well.
Illinois Governor Quinn Signs Solar Ramp-Up Law and Announces Largest Solar Development in U.S.A. – PR
Earlier in the day, Governor Quinn was in Chicago to sign House Bill 6202 into law, which establishes interim solar targets to help Illinois successfully scale up to reach the state’s solar renewable portfolio standard of 6% by 2015. The new law marks a landmark achievement for solar energy in Illinois and will create over 5,000 solar panel installation, manufacturing, and maintenance jobs and significantly reduce Illinois’ carbon footprint.
ABOUT ILLINOIS SOLAR RAMP-UP LAW
House Bill 6202, the Solar Ramp-Up Bill, passed the Illinois General Assembly on May 27, 2010 and established interim solar targets to help Illinois successfully scale up the solar portion of Illinois’ Renewable Portfolio Standard: 0.5% in 2012, 1.5% in 2013, 3% in 2014 to reach 6% in 2015.
New Jersey Gov. Chris Christie plans to sign a bill into law that would offer tax credits to encourage the development of renewable energy resources.
The bill establishes an offshore wind renewable energy certificate program and authorizes the Economic Development Authority to provide tax credits for qualified wind energy facilities.
Sponsors of the measure say wind projects would create significant development and environmental benefits for the state.
A state study released in June found wind energy would have little negative impact on New Jersey’s environment.