The Dernogalizer

August 3, 2009

The Need to Lead on Green Tech

Filed under: Energy/Climate,National Politics — Matt Dernoga @ 11:26 am
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A couple things on both the need to lead on green tech, and a good step by the government to help us get there.  First, two CEO’s John Doerr and Jeff Immelt have a column on how the US is falling behind countries like China on green tech, and how we need the right incentives and price signals to have American companies leading on clean energy.  Then we have an article in Business Green by James Murray which talks about some new payments and loan guarantees for clean energy.  Here’s part of the story…

“The US Treasury and Department of Energy formally launched a flagship renewable energy funding programme on Friday, announcing that project developers could now apply for direct payments from a new fund worth over $3bn (£1.8bn).

Under the scheme – which is expected to see funds distributed to around 5,000 biomass, solar, wind and other types of renewable energy projects – firms can agree to forgo existing tax credits in return for a direct payment from the government.

Treasury secretary Timothy Geithner said that the new funds, which are being made available from the US government’s economic stimulus package, would help kick-start those capital-intensive renewable energy projects that have “stalled due to a lack of financing”.

His comments were echoed by energy secretary Steven Chu, who predicted that the government investment would “play a major role in encouraging private sector capital to invest in clean energy development”.

The launch of the scheme came just days after the Department of Energy announces that it would provide up to $30bn in loan guarantees to renewable energy projects as well as a further $750m in loan guarantees for grid upgrade projects. Applications for the loan guarantees will now be accepted for 45 days.

Meanwhile, the department last week also awarded $11m in new grants to five research projects focused on integrating solar energy systems with the grid.”

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