The scent of fast money in Washington has all manner of corporate interests scrambling to show they can create jobs, especially green ones. The prize is a slice of the Obama Administration's stimulus package, expected to range from $675 billion to $775 billion in scale. But the President-elect's transition team is warning interest groups that they won't see any of the money unless their pet projects meet strict criteria.
By John Carey
The scent of fast money in Washington has all manner of corporate interests scrambling to show they can create jobs, especially green ones. The prize is a slice of the Obama Administration's stimulus package, expected to range from $675 billion to $775 billion in scale. But the President-elect's transition team is warning interest groups that they won't see any of the money unless their pet projects meet strict criteria.
First, the projects must be "shovel-ready"—that is, ready to go immediately. "They told us that for business to get anything, we have to prove there's a short-term job impact—within six months," explains Brent Erickson, vice-president of the Biotechnology Industry Assn. (BIO), which is pushing for biofuels production incentives. But the projects can't put Uncle Sam on the hook to spend money for more than a year or two. "They have to be temporary, not creating a permanent need for funding," says Dow Chemical (DOW) lobbyist Peter Molinaro.
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A "FEEDING FRENZY" OF PROPOSALS
Hiring ditch diggers would get shovels in the ground fast, of course. But Obama's team is most interested in projects that will speed America toward a greener, cleaner future, reducing both energy dependence and the emissions that cause global warming. That has touched off a "feeding frenzy," says Steven Nadel, executive director of the nonprofit American Council for an Energy-Efficient Economy. "Everyone and his mother is saying why their pet projects deserve to be invested in."
The nuclear industry, for instance, wants more help not just building new power plants but also jump-starting homegrown suppliers of components. "If you think of an industry that has created the most green jobs over the past 40 years, it is the nuclear industry," argues Marvin S. Fertel, acting president of the Nuclear Energy Institute. Dow Chemical figures its water supply business fits the bill. "What's not green about retrofitting and repairing water systems that leak thousands of gallons a day?" Molinaro asks.
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