On the day of Speaker Pelosi, Rep. Pallone and Rep. Holt’s
visit to Trenton and to the Isles
YouthBuild Institute, Environment New Jersey applauded Speaker Pelosi, Rep.
Pallone and Rep. Holt for their leadership to pass critical renewable energy
and energy efficiency tax incentives earlier this week.
As one of the fastest growing industries in the U.S.,
the clean energy industry is a shining light in an otherwise lackluster
economy. Unfortunately the renewable energy production tax credit and the solar
investment tax credit are set to expire at the end of this year. Unless the
Senate and the President act soon, the bright light of the clean energy
industry will likely be extinguished for the short term, potentially costing
the U.S. economy as many as 116,000 jobs.
“Clean energy tax credits are a critical to keep the green
economy booming,” said Doug O’Malley, Environment New Jersey’s field director.
“Speaker Pelosi deserves praise for fighting for green jobs, and the Senate and
President Bush should get on board.”
According to a report issued by the Blue Green Alliance last
fall, New Jersey has the
potential for $3.4 billion in clean energy investment and over 17,000 jobs. Mercer
County was listed as the top county
in the state for energy potential, with a potential investment of over $637
million in potential investment and over 2,300 new jobs.
Environment New Jersey
urges Sen. Menendez and Lautenberg to continue their leadership on this issue
and fight to pass these clean energy tax incentives through the Senate. The
Senate and President Bush should support the House’s move to boost our clean
energy economy.
The tax incentives are one step that Congress can take to
attack global warming. Current legislation in the House, called the Safe
Climate Act, mirrors New Jersey’s Global Warming
Response Act, which will reduce emissions by 20% by 2020 and 80% by 2050. Rep. Frank
Pallone is a co-sponsor of the measure, and Environment New Jersey urges
considered legislation, including Lieberman-Warner in the Senate, to mirror
these goals.
