www.environmental-finance.com
New York, 12 February:
After a night of intense negotiations, the US House of Representatives and Senate have reached a compromise on a $789 billion economic stimulus package that includes several provisions favourable to the renewable energy sector. The House and Senate are expected to vote on the compromise proposal on Friday after members agreed to scale back the bill by removing billions in aid for states struggling with budget deficits and funding for other initiatives. President Barack Obama is expected to sign it Monday.
The final agreement - which was not available as Environmental Finance went to press - apparently includes a key measure featured in the House version of the bill that would allow renewable energy producers to seek government grants for their projects, according to the American Wind Energy Association (AWEA) in Washington.
"The renewable energy provisions in the final bill will stimulate economic and job growth in the wind industry," said Greg Wetstone, AWEA's senior director for governmental affairs. "More than that, this bill is a critical down payment on long-term policies needed to meet the President's ambitious renewable energy goals, enhance America's energy security, grow our economy and reduce global warming pollution." The compromise proposal also removed up to $50 billion in loan guarantees for the nuclear industry, according to environmental group Friends of the Earth in Washington.
"The bailout in question would have thrilled nuclear industry lobbyists but done virtually nothing to stimulate the economy," said the group's president Brent Blackwelder. "Taxpayers shouldn't have to foot the bill for the nuclear industry's failures. Congressional leaders did the right thing and prevented waste by removing this bailout."
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