The new legislation will create a new Clean Energy Investment Administration, modeled after the Small Business Administration. The new agency will channel billions in federal loan guarantees to renewable energy and related industries.
According to the Apollo Alliance, the major focal points of Clean EDGE Act of 2006, include
Reducing Our Dependence on Foreign Oil: The legislation seeks to reduce our dependence on foreign oil by 40%, cutting U.S. oil use by nearly 6 million barrels a day in 2020.
Transitioning to Clean Home Grown Fuels: The Clean EDGE Act of 2006 aims to increase the number of flex fuel vehicles that can run on both gas and ethanol to half of all new U.S. vehicles sold by 2020. Furthermore, it mandates an increase in the number of gas stations selling alternative fuels.
Supporting Clean Energy and Good Jobs: It also acts as a catalyst for clean energy and good jobs by setting a national “renewable portfolio standard” that requires 10% of all electricity to come from renewable sources by 2020.
Ending Giveaways to Big Oil: The bill pays for itself by ending some subsidies to big oil and restricting certain oil industry incentives including royalty waivers. Furthermore, the legislation would make price gouging a federal crime
Investing in American Jobs and Industry: The Clean EDGE Act will create a clean energy investment administration to help deploy renewable power and related manufacturing technology. It also invests in education programs to develop a skilled domestic workforce, to create good new clean energy jobs.
Critics of the plan, such as Senator Pete V. Domenici of New Mexico, chairman of the Energy and Natural Resources Committee, claims "This latest plan is a sprinkling of good ideas, a heavy helping of bad ideas and distractions, and a pathetic absence of any effort to increasing American energy supply," according to a statement quoted in the New York Times.
Read more about it: Reuters and New York Times
Categories: climatechange, energy, oil