Reliable, long-term financing has been one of the greatest obstacles to moving the nation toward a clean energy future. Clean Energy Victory Bonds can be a big part of the solution. The Clean Energy Victory Bonds Act of 2014 works to create an investment vehicle that allows Americans to invest in one of the fastest growing sectors in the global economy, as well as a means to collectively provide a secure and sustainable energy future, create jobs, and regain our competitive advantage in clean energy technology.
**Please note that the below action is limited at this time to businesses or organizations willing to be named as institutional supporters of CEVBs. You must be authorized by your institution to sign up. An action for individual businesspeople is forthcoming.**
By adopting Clean Energy Victory Bonds (CEVB), the U.S. can harness the power of the American public to invest in the effort to transition to a more sustainable economy with cleaner and more secure energy sources. In the same spirit that Americans invested in WWII Victory Bonds to support the war effort, CEVBs will provide a channel for Americans to mobilize toward the goal of a globally competitive clean technology industry and domestic energy security. The implementation of CEVBs will help facilitate much-needed investments in the development and manufacturing of innovative clean technologies and lead to the creation of 1.7 million domestic jobs.
What's at Stake:
The United States was once the leading innovator and exporter of renewable sources of energy and technologies. Currently, however, the US lags behind the likes of Germany, China, Italy, Canada, Spain, and Brazil in clean energy investments as a percentage of GDP. In 2010 alone, China made $48 billion in renewable energy investments compared to just $25 billion by the United States.
In addition to the economic benefits of these clean energy investments, providing for the development of domestically sourced energy will significantly alleviate national security concerns associated with our dependence on foreign oil. Also, the environmental and health benefits of reducing the pollution associated with the burning of fossil fuels will greatly reduce health care costs and alleviate the productivity losses associated with these pollution-related health conditions.
Backed by the full faith and credit of the United States Government, CEVBs will provide investors a risk-free investment vehicle with a return equal to or greater than the market rates on U.S. Treasury Bonds, without raising taxes on any individuals or businesses. By producing and securing a domestically sourced energy supply, the U.S. can also insulate consumers and businesses from the uncertainty and price fluctuations associated with procuring fossil fuels in unstable global markets.
ASBC Action Fund supports the adoption of Clean Energy Victory Bonds as a means to spur investment and innovation in the renewable energy sector to create millions of US jobs and create a sustainable and secure energy future.
The Clean Energy Victory Bonds Act was reintroduced in Congress in April 2014. Rep. Zoe Lofgren (D-CA) and Doris Matsui (D-HI) are the chief sponsors; as of April 16, the bill had 17 co-sponsors. There is not a companion version in the Senate at this time. The bill number is H.R. 4426 and has been assigned to the House Ways and Means Committee and the House Committee on Energy and Commerce.
This followed a congressional staff briefing on the Clean Energy Victory Bonds Act in February, held by members of ASBC, Green America, and Ethical Electric.
Now that the bill has been introduced, we will need all ASBC organizational members to contact their Representatives and urge them to cosponsor the bill. Discussions are also underway on a companion bill in the Senate.