Energy Efficiency and Renewable Energy: Reviewing FY 2009 Budget Request and Key Tax Incentives
The Environmental and Energy Study Institute (EESI) and the House Energy Efficiency and Renewable Energy Caucus invite you to a briefing addressing the impacts of the President’s FY 2009 budget on energy efficiency and renewable energy (EE/RE) programs, including impacts upon states and low-income consumers. In addition, the urgent need to extend Federal tax incentives for EE/RE will be discussed. Energy efficiency and renewable energy technologies are critical elements of a national energy policy that will meet the nation’s goals of reducing energy imports, moderating energy prices, and improving the economy, national security, the environment and public health.
Panel- Deborah Estes, Majority Counsel, Senate Energy and Natural Resources Committee
- Scott Sklar, President, The Stella Group; Chair, Sustainable Energy Coalition Steering Committee
- Bill Prindle, Deputy Director, American Council for an Energy Efficient Economy
- Jeff Genzer, General Counsel, National Association of State Energy Officials; Duncan Weinberg, Genzer & Pembroke
The President’s FY 2009 budget request for the Department of Energy’s (DOE) EE/RE programs is $1.26 billion—essentially flat with the Administration’s FY 2008 budget request and 27 percent below FY 2008 appropriations. Given the volume of voices and concerns about energy security, the huge bills residential and business consumers face, loss of economic competitiveness, environmental degradation, and rising greenhouse gas emissions, the funding priorities reflected in the President’s FY 09 budget appear in conflict with his goals of expanding renewable energy development and making the economy more energy efficient. With dramatically rising energy prices for homes, businesses and drivers, states are concerned by the proposed zeroing out of the Weatherization Assistance Program Grants.
In signing the Energy Independence and Security Act of 2007 (EISA, P.L. 110-140) on December 19, 2007, President Bush said EISA makes “a major step toward reducing our dependence on oil, confronting global climate change, expanding the production of renewable fuels and giving future generations of our country a nation that is stronger, cleaner and more secure.” However, not included in EISA were a Renewable Energy Portfolio Standard (RPS) and an extension of renewable energy and energy efficiency tax incentives. A new economic study by Navigant Consulting finds that over 116,000 US jobs and nearly $19 billion in U.S. investment could be lost in just one year if renewable energy tax credits are not renewed by Congress. See EESI’s FY 2009 DOE Budget Analysis regarding requested funding for energy efficiency and renewable energy.
This briefing is free and open to the public. No RSVP required. For more information, contact Fred Beck at [email protected] or 202-662-1892.
Investment Banks Set Coal Plant Carbon Guidelines
On Monday Citi Group, Morgan Stanley, and JPMorgan Chase announced the establishment of an “enhanced diligence” framework for judging proposed financings of certain new fossil fuel generation.
The framework, according to the joint press release, sets principles for energy efficiency (including “regulatory and legislative changes that increase efficiency in electricity consumption”), renewable energy and low-carbon distributed energy technologies, and assessing the “financial, regulatory and certain environmental liability risks” of CO2-emitting fossil fuel power generation. The group intends to “encourage regulatory and legislative changes that facilitate carbon capture and storage (CCS) to further reduce CO2 emissions from the electric sector.”
The group, which as the Rainforest Action Network’s Understory blog notes does not include major investor Bank of America, consulted the power companies American Electric Power, CMS Energy, DTE Energy, NRG Energy, PSEG, Sempra and Southern Company and the environmental organizations Environmental Defense and the Natural Resources Defense Council.
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