Thomas L Friedman
Many things make me weep about the current economic crisis, but none more than this brief economic history: In the 19th century, America had a railroad boom, bubble and bust. Some people made money; many lost money. But even when that bubble burst, it left America with an infrastructure of railroads that made transcontinental travel and shipping dramatically easier and cheaper. . .
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Monday, September 29, 2008
Wednesday, September 24, 2008
Recent News: House eyes changes today after Senate approves long-stalled credits
RENEWABLE ENERGY: House eyes changes today after Senate approves long-stalled credits
Ben Geman, E&E Daily senior reporter
The House plans to vote on long-stalled extensions of renewable energy tax credits today following a breakthrough Senate vote yesterday, but Democratic leaders are planning changes to the measure that could slow a final deal.
The Senate yesterday voted 93-2 for a $17 billion energy tax package that extends credits for wind, solar, energy efficiency and other projects. The energy credits are part of a larger tax bill (H.R. 6049) the Senate sent to the House that also extends several business and personal tax breaks, and provides a one-year "patch" for the Alternative Minimum Tax.
Under the Senate bill, the energy credits are fully offset, the other "extenders" are partially paid for, while the AMT fix -- which is to prevent the tax from hitting middle-income earners -- is not offset.
But the House is planning to split the measure into separate parts, and the energy and non-energy "extenders" will be together as a fully offset bill, according to a Democratic aide, who said the non-energy extenders will be limited to one-year.
"A partially paid-for package of energy and business tax extenders is a no-go in the House," said Rep. Earl Pomeroy (D-N.D.), a member of the fiscally conservative "Blue Dog" Democrats and the Ways and Means Committee. "If a smaller package is all that can be paid for, then a smaller package is what we'll pass."
The AMT patch and disaster relief provisions will move separately under suspension of the rules, the aide said.
House drops fossil fuel incentives
The House version of the energy tax package contains some differences with the Senate plan, including removal of some fossil fuel incentives that environmentalists oppose.
The House plan drops a Senate provision that provides incentives for expansion of refineries to process oil sands and oil shale, and alternative fuel credits that can be applied to coal-based fuels, according a Ways and Means Committee summary.
Senate Majority Leader Harry Reid (D-Nev.) had pleaded with the House to accept the overall Senate tax package, arguing it reflected a hard-fought compromise with Republicans that could collapse if altered (Greenwire, Sept. 23).
Renewable and efficiency credits have cleared the House several times but repeatedly fallen victim to partisan conflicts in the Senate during this Congress until yesterday's vote.
The credits have wide bipartisan support but their renewal has been slowed for months over debates about how -- and whether -- to offset the costs of tax incentives.
Both chambers provide a one-year extension of the production tax credit, which otherwise would expire at year's end, for wind projects and longer credits for other renewable sources.
The bills include eight-year extensions of investment tax credits for commercial and residential solar projects, and renew a suite of incentives for efficient homes and buildings, among other provisions.
But Senate Finance Chairman Max Baucus (D-Mont.) expressed confidence the chambers could reach agreement. "The bottom line is this: We are talking about the edges here. We are going to get this all passed. We are talking about background noise, which sometimes is noisy, but it is still background noise. We will get these passed," Baucus said.
If he is right, the extension of the renewable energy credits will give at least a sigh of relief to the wind industry, which has pressed for long-term extension of its credit but above all wanted to prevent a lapse. Past lapses have led to sharp reductions in the industry's growth rate.
"Clean energy tax credits are a vital part of the solution to some of America's most pressing problems," said Gregory Wetstone, a lobbyist with the American Wind Energy Association, citing jobs that come along with the industry and environmental benefits of renewable power.
The solar industry got a big boost from yesterday's vote. The Senate plan provides a long-term extension of its credits and removes certain restrictions on the incentive, notably the $2,000 cap for residential solar systems.
The solar industry commissioned a study by a company called Navigant Consulting Inc. that showed that an eight year extension would lead -- directly and indirectly -- to several hundred thousand new jobs and more than $232 billion in investment between 2009 and 2016.
Ben Geman, E&E Daily senior reporter
The House plans to vote on long-stalled extensions of renewable energy tax credits today following a breakthrough Senate vote yesterday, but Democratic leaders are planning changes to the measure that could slow a final deal.
The Senate yesterday voted 93-2 for a $17 billion energy tax package that extends credits for wind, solar, energy efficiency and other projects. The energy credits are part of a larger tax bill (H.R. 6049) the Senate sent to the House that also extends several business and personal tax breaks, and provides a one-year "patch" for the Alternative Minimum Tax.
Under the Senate bill, the energy credits are fully offset, the other "extenders" are partially paid for, while the AMT fix -- which is to prevent the tax from hitting middle-income earners -- is not offset.
But the House is planning to split the measure into separate parts, and the energy and non-energy "extenders" will be together as a fully offset bill, according to a Democratic aide, who said the non-energy extenders will be limited to one-year.
"A partially paid-for package of energy and business tax extenders is a no-go in the House," said Rep. Earl Pomeroy (D-N.D.), a member of the fiscally conservative "Blue Dog" Democrats and the Ways and Means Committee. "If a smaller package is all that can be paid for, then a smaller package is what we'll pass."
The AMT patch and disaster relief provisions will move separately under suspension of the rules, the aide said.
House drops fossil fuel incentives
The House version of the energy tax package contains some differences with the Senate plan, including removal of some fossil fuel incentives that environmentalists oppose.
The House plan drops a Senate provision that provides incentives for expansion of refineries to process oil sands and oil shale, and alternative fuel credits that can be applied to coal-based fuels, according a Ways and Means Committee summary.
Senate Majority Leader Harry Reid (D-Nev.) had pleaded with the House to accept the overall Senate tax package, arguing it reflected a hard-fought compromise with Republicans that could collapse if altered (Greenwire, Sept. 23).
Renewable and efficiency credits have cleared the House several times but repeatedly fallen victim to partisan conflicts in the Senate during this Congress until yesterday's vote.
The credits have wide bipartisan support but their renewal has been slowed for months over debates about how -- and whether -- to offset the costs of tax incentives.
Both chambers provide a one-year extension of the production tax credit, which otherwise would expire at year's end, for wind projects and longer credits for other renewable sources.
The bills include eight-year extensions of investment tax credits for commercial and residential solar projects, and renew a suite of incentives for efficient homes and buildings, among other provisions.
But Senate Finance Chairman Max Baucus (D-Mont.) expressed confidence the chambers could reach agreement. "The bottom line is this: We are talking about the edges here. We are going to get this all passed. We are talking about background noise, which sometimes is noisy, but it is still background noise. We will get these passed," Baucus said.
If he is right, the extension of the renewable energy credits will give at least a sigh of relief to the wind industry, which has pressed for long-term extension of its credit but above all wanted to prevent a lapse. Past lapses have led to sharp reductions in the industry's growth rate.
"Clean energy tax credits are a vital part of the solution to some of America's most pressing problems," said Gregory Wetstone, a lobbyist with the American Wind Energy Association, citing jobs that come along with the industry and environmental benefits of renewable power.
The solar industry got a big boost from yesterday's vote. The Senate plan provides a long-term extension of its credits and removes certain restrictions on the incentive, notably the $2,000 cap for residential solar systems.
The solar industry commissioned a study by a company called Navigant Consulting Inc. that showed that an eight year extension would lead -- directly and indirectly -- to several hundred thousand new jobs and more than $232 billion in investment between 2009 and 2016.
Monday, September 22, 2008
Recent News: Vote on the Production Tax Credit (PTC) in the Senate scheduled for tomorrow.
The Senate will vote on the Baucus/Grassley Amendment to H.R. 6049, which contains an extension of the Production Tax Credit (PTC) for wind energy for an additional year. The Senate will also vote on the final passage of H.R. 6049. If the Senate passes the bill, it will quickly move to the House of Representatives where it will be voted on later this week. This could be that last opportunity this year for Congress to extend the PTC. We must urge Congress to successfully pass an extension of the PTC, which is set to expire at the end of 2008, before they adjourn for recess at the end of the week.
Wind energy is not only a significant component of the global warming solution, but also a powerful engine in the U.S. economy. Since January 2007, more than 40 wind industry manufacturing facilities have been announced, brought online, or expanded in the U.S., creating over 9,000 jobs and $1 billion in manufacturing investment. When the PTC has lapsed in the past, wind energy investments have fallen 73-93% in the following years. We cannot allow this bright spot in our economy to burn out.
Please contact your Senators and urge them to vote Yes on the Baucus/Grassley Amendment to H.R. 6049 and the Yes on the final passage of H.R. 6049.
Wind energy is not only a significant component of the global warming solution, but also a powerful engine in the U.S. economy. Since January 2007, more than 40 wind industry manufacturing facilities have been announced, brought online, or expanded in the U.S., creating over 9,000 jobs and $1 billion in manufacturing investment. When the PTC has lapsed in the past, wind energy investments have fallen 73-93% in the following years. We cannot allow this bright spot in our economy to burn out.
Please contact your Senators and urge them to vote Yes on the Baucus/Grassley Amendment to H.R. 6049 and the Yes on the final passage of H.R. 6049.
Recent News: Investors add carbon emissions to company portfolios
Almost two-thirds of the world's 385 biggest companies disclosed their greenhouse gas emissions today in the Carbon Disclosure Project, an annual survey used to identify companies who are not addressing climate change.
Nearly two-thirds of the companies polled said they had an executive in charge of climate change management. Half of the companies said they had some sort of executive in 2007, according to the survey.
Investors are using the information from the survey to manage their portfolios and are basing decisions on the belief that carbon emissions will be more closely regulated in the future. Companies that already manage their emissions have a competitive edge as more environmental regulation may lead to unexpected expenses and losing control of sustaining returns and shares.
"[The survey is] effectively an audit of climate change risk. Over 1,500 companies have gone through that process this year, with 77 percent of the Global 500 responding," said Paul Dickinson, chief executive of the Carbon Disclosure Project. "Whilst it's hard to evaluate definitively, the CDP is likely to have had a pivotal role in developing consciousness of those risks"
Nearly two-thirds of the companies polled said they had an executive in charge of climate change management. Half of the companies said they had some sort of executive in 2007, according to the survey.
Investors are using the information from the survey to manage their portfolios and are basing decisions on the belief that carbon emissions will be more closely regulated in the future. Companies that already manage their emissions have a competitive edge as more environmental regulation may lead to unexpected expenses and losing control of sustaining returns and shares.
"[The survey is] effectively an audit of climate change risk. Over 1,500 companies have gone through that process this year, with 77 percent of the Global 500 responding," said Paul Dickinson, chief executive of the Carbon Disclosure Project. "Whilst it's hard to evaluate definitively, the CDP is likely to have had a pivotal role in developing consciousness of those risks"
Wednesday, September 17, 2008
Recent News: From the Gut
By THOMAS L. FRIEDMAN
If John McCain can win this election race with a 50-pound ball called “George W. Bush” wrapped around one ankle and a 50-pound ball called “The U.S. Economy” wrapped around the other, then he deserves to represent America in the next Olympics in any race he wants — swimming, cycling or track — I don’t care how old he is. He would be the Michael Phelps of politics.
Full Article: Click Here
If John McCain can win this election race with a 50-pound ball called “George W. Bush” wrapped around one ankle and a 50-pound ball called “The U.S. Economy” wrapped around the other, then he deserves to represent America in the next Olympics in any race he wants — swimming, cycling or track — I don’t care how old he is. He would be the Michael Phelps of politics.
Full Article: Click Here
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