March 31, 2021 — Intersect Power CEO Sheldon Kimber released the following statement on the American Jobs Plan:
“With the release of the American Jobs Plan, and the announcement of the goal to move toward 100 percent carbon-pollution free power by 2035, the Biden administration is demonstrating both an understanding of and a commitment to doing what it takes to create a clean energy economy that works for both people and the planet.
“If the United States wants to build-out the world’s largest clean energy economy with green jobs and the deployment of clean power, we urgently need a much more efficient and effective means of using the incentives we already have. The proposed ten-year extension and phase down of an expanded direct-pay tax credit for clean energy generation and storage is simple and has broad support. I applaud the Administration for recognizing that.
“At last count, the COVID-induced economic downturn was estimated to create a tax equity financing shortfall of $23 billion, or 31 gigawatts worth of solar and wind projects nationwide. If Congress and the Biden administration wants to grow America’s clean energy economy, this is the place to start. Reforms to these credits would immediately greenlight these shovel-ready, job-creating projects, demonstrating the immense potential for economic growth that is the transition to a zero-carbon society. And thankfully, these policy changes are broadly supported by the American public.
“I am also pleased to see the President’s support for standing up green hydrogen production through a new production credit. Even before taking into account new uses of hydrogen, there is a significant existing demand for hydrogen in refineries and ammonia factories in many southern states. Currently that demand is met with carbon intensive reformation of natural gas, which contributes about 3 percent of global CO2 emissions. This investment in carbon-free hydrogen establishes a bridge between the clean electricity sector and fuel markets, dramatically expanding the role that solar and wind can play in the deep decarbonization of our economy.
“America’s energy infrastructure, including it’s transmission system, is old and in most cases, insufficient for the kind of power America needs today. We are forced to face this problem year after year with extreme weather events from floods to fires to freezes, causing catastrophic loss of lives, property and dollars. So regardless of the source – solar, wind, green hydrogen, nuclear or natural gas – building a more resilient transmission system and establishing a new Grid Deployment Authority, is a necessary step to moving new energy sources to where they are needed.
“Without question, infrastructure is the most important part of combating the climate crisis. Climate change and our crumbling infrastructure continues to cost us trillions in clean-up each year and that number is escalating rapidly. These investments may feel large, but they pale by comparison to the cost of doing nothing. It’s time to stop putting off until tomorrow, what must be done today.
The Biden administration is getting it right – This is not government spending. This is government investment…and investments pay dividends for generations to come.”