Last week a bill was introduced in the U.S. Senate that would establish a clean energy investment bank, similar to the U.S. Export Import Bank and Overseas Private Investment Corporation.
U.S. Senator Pete Domenici (R-NM), ranking member of the Senate Energy and Natural Resources Committee, introduced the legislation aimed at facilitating investment in clean energy projects.
"It seems to me that we should provide a level of financial support toward domestic energy diversification that is at a minimum equal to what we provide to U.S. companies that invest overseas. Since traditional approaches have fallen short of what is needed to meet increasing demands for energy, this innovative approach involving both government and private markets is a terrific solution," Domenici said.
The Clean Energy Investment Bank would operate by taking responsibility for management of the Department of Energy’s loan guarantee program, and will have authority to issue loans, loan guarantees, equity investments, and insurance products, according to a statement by Domenici’s office.
"The reality is that Congress is likely to have a debate on climate change that will fall largely on partisan grounds this year. The legislation I’m introducing today breaks through that divide and would ensure that we are able to pass a bill that will help us make progress on reducing carbon emissions," he continued.
Among the cosponsors of the Clean Energy Investment Bank legislation are Senators Mary Landrieu (D-La.), Lisa Murkowski (R-Alaska), Senator Mel Martinez (R-Fla.), Senator Jim Bunning (R-Ky.), Senator Larry Craig (R-Idaho), Senator Lamar Alexander (R-Tenn.) and Senator Elizabeth Dole (R-N.C.).
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