Smart Cities Dive summarized the recent bipartisan infrastructure deal, citing AEE’s national stimulus report and comments from Leah Rubin Shen. Read snippets below and the full article here.
In March, the Biden administration proposed a $2 trillion American Jobs Plan, which included $174 billion in electric vehicle spending, $100 billion for the power grid and $46 billion in clean energy manufacturing, as well as a clean electricity standard and broader clean energy tax credits. The framework released Thursday represents a significant downscale from those ambitions, but the bipartisan backing gives it better odds of passage.
However, some groups were dismayed by the smaller scale of the proposal…
More than 100 business and clean energy groups sent a letter to Democratic leadership this week, urging them to include a ten-year extension of the Investment Tax Credit (ITC) for renewable energy projects in a future infrastructure bill. The ITC provision, however, was left out of the bipartisan deal
The White House said the plan represents "the single largest investment in clean energy transmission in American history." Although the framework does not detail the new grid authority, the administration's previous infrastructure proposal detailed a "grid deployment authority" that would be housed in the Department of Energy to support creative financing tools and leverage existing rights-of-way for new transmission
"Given that investing in advanced energy technologies, including vehicle electrification, yields a six-fold return to the economy, they fully deserve to be part of any infrastructure deal," said Leah Rubin Shen, director at national business group Advanced Energy Economy (AEE). "Investing in our grid and EV infrastructure at significant scale makes complete sense for jobs, a more reliable grid, and clean, affordable energy, today and tomorrow."
AEE released a report Thursday estimating that a $600 billion investment in advanced energy technology would add $3.5 trillion to the economy and generate $600 billion in annual tax revenue across all levels of government. The report, prepared by Analysis Group, found that the benefits were scalable, meaning that a larger package would generate even more benefits to the economy.
Read the full article here.