Next bailout a “green” bailout?

At a hearing to discuss possible energy measures to stimulate the economy, Sen. Jeff Bingaman (D-N.M.) said that a “number of important energy measures” must be “a central part of any stimulus package.” Bingaman felt that this upcoming Congress has a real opportunity to create a “comprehensive and forward-looking energy policy.”

Sen. Pete Domenici (R-N.M.) said that Congress has done more to address the energy crisis in the last six years than has been accomplished in the previous 30 years. Domenici still suggested “an expedited process” in addressing energy initiatives because of the long delays that can occur due to current regulations.

Sen. Jim Bunning (R-Ky.) advocated for coal-to-liquid fuel technology. According to Bunning, this type of fuel would create significant jobs, substantially reduce emissions, and reduce our dependence on Middle East oil. He is also concerned with investing in other types of energy programs considering they are unproven and inefficient.

Bracken Hendricks, Senior Fellow at the Center for American Progress Action Fund (CAP), stated that CAP advocates for a $350 billion one-year stimulus and recovery package, part of which he called a “green stimulus.” Hendricks said that one third of that package should go directly to clean energy investments.

Malcolm Woolf, Director of the Maryland Energy Administration, made specific proposals for any stimulus package in the upcoming year. Woolf wanted as much as $10 billion provided for an energy efficient buildings retrofit program, $6 billion for the Energy Efficiency and Conservation Block Grant, $1 billion for the Low-Income Weatherization Assistance Program, and $2.5 billion for the Low-Income Home Energy Assistance Program. He also argued for an 8 year extension on energy efficiency and renewable tax provisions that would allow for long-term job creation.