Federal Support of Alternative Energy Is Crucial for Renewables

Federal Legislation, New York, Opinions, Policy

May 3, 2022

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by Ron MacDonald (Zinc8 Energy Solutions/Biofuels Digest) … While the U.S. Congress funds billions in grants to chipmakers including goliaths such as Micron and Samsung, many emerging alternative energy companies – who don’t have billions in the bank like the chipmakers – beg for their supper.

It’s time for Congress to back a ‘Renewables for America Act’ to provide upstart alternative energy companies the support they need to survive. Biden’s White House has set a goal to reach 100 percent carbon pollution-free electricity by 2035. This can only be achieved by investing in the companies that are actively producing the technology to produce meaningful emissions reductions in this decade.

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What the IEA Says

The International Energy Agency (IEA) reports that “clean energy spending earmarked by governments in response to the Covid-19 crisis has risen by 50% over the past five months and now stands at over USD 710 billion worldwide, though there are troubling imbalances between regions, according to the latest update of the IEA’s Sustainable Recovery Tracker. ”The IEA believes that global investment in energy projects needs to more than double from its current level to $5 trillion a year by 2030 to meet net-zero emission goals by mid-century.

Until significant environmental legislation is able to move forward on the federal level, the United States’ adoption of green policies will be a state-by-state affair, and NEPA could be a model to follow. The National Environmental Act (NEPA) is a federal law that requires all federal agencies to submit environmental impact statements for all activity that could affect the environment.

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Alternative energy companies are developing working prototypes that demonstrate the ability of these advanced energy systems to harden the state’s electric grid and diversify transportation fuels. Without the support of State and/or Federal grants, many of these companies will not survive. READ MORE

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