Thursday, May 07, 2009

Green Energy Bank: Clean Energy Deployment Administration

Senator Jeff Bingaman
The Senate Energy and Natural Resources Committee is proposing the creation of a special bank within the Energy Department to provide loans and loan guarantees for clean energy projects using advanced technology. The Clean Energy Deployment Administration would be part of comprehensive energy legislation that the Senate Energy and Natural Resources Committee hopes to approve later this month. The new agency would provide various forms of credit to support environmentally friendly technologies that diversify the nation's energy supply and reduce carbon dioxide emissions.

Proponents believe the green bank would clear the backlog of applications pending at the Energy Department from companies seeking financing for clean energy projects. Funding for the green bank would come by transferring the billions of dollars for such projects already included in the economic stimulus package that the Energy Department now oversees. About $10 billion more would then be appropriated by Congress to the agency. We guess this comes under Deploying Clean Technology in Chairman Bingaman's energy bill. (Reuters, 5/6/09)

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