As Reuters reported today, China is unveiling a $739 billion “new energy plan” which includes wind, solar and biomass as well as smart grid and distributed energy.
At the same time, Politico’s Morning Energy reported, the House of Representatives is returning this week to pass a bill that will slash $1.5 billion in renewable energy loan guarantees to help fund FMAP, a bill that will avert teacher layoffs and pay for Medicaid. Although this is an important measure, this $1.5 billion dollar cut is on top of the $2 billion dollars taken out of the renewables fund to pay for an extension to the Cash for Clunkers program. Taken together this is more than one-half of the $6 billion dollars allocated to the Energy Department for the Renewables/Transmission Loan Guarantee Program under the Recovery Act.
These rescissions put into jeopardy the green jobs that the administration have touted as part of our clean energy future and put us further behind the rest of the world.