Wrapped inside the economic stimulus package is about $80 billion in spending, loan guarantees and tax incentives aimed at promoting energy efficiency, renewable energy sources, higher-mileage cars and coal that is truly clean. As a stand-alone measure, these investments would amount to the biggest energy bill in history. As ambitious as this measure is, it should not be confused with a global warming bill. Dealing with climate change will require a much broader strategy, even larger federal investments in clean-energy technologies and an effort to put a price on greenhouse gas emissions to unlock private investment on an enormous scale. But this is a useful down payment, which could also help reduce the nation's reliance on foreign oil.
Wrapped inside the economic stimulus package is about $80 billion in spending, loan guarantees and tax incentives aimed at promoting energy efficiency, renewable energy sources, higher-mileage cars and coal that is truly clean. As a stand-alone measure, these investments would amount to the biggest energy bill in history.
As ambitious as this measure is, it should not be confused with a global warming bill. Dealing with climate change will require a much broader strategy, even larger federal investments in clean-energy technologies and an effort to put a price on greenhouse gas emissions to unlock private investment on an enormous scale. But this is a useful down payment, which could also help reduce the nation’s reliance on foreign oil.
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Eighty-billion dollars is still a lot of money. And the federal agencies overseeing its disbursement must provide strong regulation and firm guidance to ensure that it is spent wisely. Money invested in a modern electricity grid, for instance, will have been badly spent if it is used merely to build transmission towers to move energy from old coal-fired power plants. It will be well spent if it helps move clean energy, such as wind and solar power, from, say, Texas, to distant cities that need it.
That is just one of many provisions that will bear close watching as the money flows to states, cities and businesses. Here are some of the most important ones.
Article Continues:Â http://www.nytimes.com/2009/02/18/opinion/18wed1.html
