Fossil fuel companies have benefited tremendously from this practice
for years, receiving billions of dollars each year in government
subsidies while becoming some of the richest companies in the world.
They’ve even managed to make these benefits a permanent feature of the
U.S. tax code, as currently written. The result is that these companies
can plan for the long term and invest in staff, equipment, and other
business expenses knowing they can count on continued taxpayer support.
(These benefits also mean that—for the foreseeable future—our tax
dollars will keep going to support the companies most responsible for
most of the carbon pollution driving climate change.)
Renewable energy companies don’t have this same certainty, relying
instead on short-term incentives that come and go depending on the whims
of Congress. And a very important one providing a tax credit for
companies developing new wind power capacity is about to expire at the end of this month unless Congress reauthorizes it.
It’s hard to imagine this happening at a worse time, not just for the
industry, but for all of us relying on the growth of clean energy to
contain future climate change. The reason: wind is growing—in a big way.
Between 2000 and 2012, the electricity generated from wind sources in the U.S. grew 2,405 percent. [PDF] (That’s
not a typo.) In Iowa, wind is generating almost 25 percent of the
state’s electricity, saving the carbon pollution equivalent of 1.7
million cars on the road.
Meanwhile, in that same period, electricity from coal declined 23 percent.
It’s enough of a shift to worry the fossil fuel industry, which has
been actively lobbying against the extension, pretending the credit
amounts to welfare while conveniently ignoring the exponentially greater
federal support it receives. And that should tell us something.
What’s at stake with the Wind Production Credit—and the extension
fight—isn’t just a key part of wind power’s future. It’s a key part of
our future too. As the increasing costs and devastation from carbon
pollution drive a shift from dirty fossil fuels, we need clean energy
capacity ready to pick up the slack. It’s simple.
This is where incentives like the Wind Production Tax Credit come in.
Construction and regulatory issues can stretch the development timeline
for new power facilities on for years. Incentives like the production
credit help companies proceed with the confidence that after investing
billions, they’ll be around to cut the tape on opening day. These
incentives also provide investors with the confidence to support
renewable projects. When the writing is on the wall for fossil fuels,
it’s just smart planning. Plus, with more wind energy, there’s less
carbon pollution. And that means less likelihood of devastating Dirty Weather events we all pay for, events like the biblical rains and flooding in Coloradothis fall or Super-Typhoon Haiyan in the Philippines. We all win.
But for this to happen, we have to protect key policy instruments
like this production credit against an industry only too happy to flex
its muscle in short-sighted service of its bottom line. (And when is it
not?) So let your senator and Congressional representative know that extending the credit is really important to you. Because it’s really important to all of us.
http://www.earthtechling.com/2013/12/congress-gives-wind-energy-coal-for-christmas/
No comments:
Post a Comment