77th Annual Meeting

FEDERAL INVESTMENT TOOLS TO PROMOTE DEPLOYMENT OF CLEAN ENERGY TECHNOLOGIES AND CATALYZE PRIVATE SECTOR FINANCING

WHEREAS, The U.S. Conference of Mayors and its members have initiated and advocated for policies and programs to address the economic, social and health impacts that result from the release of greenhouse gas emissions; and

WHEREAS, the absence of a national energy strategy in the U.S. has translated into enormous economic and social costs as well as weakening our international competitiveness; and

WHEREAS, a national transition to a low-carbon economy will result increased economic development and job creation, promote energy independence, and enable our nation to maintain a high standard of living while preserving and protecting our environment; and

WHEREAS, it is in the national interest to more rapidly transition to a low-carbon economy using commercially deployable technologies that will result in substantial reductions of greenhouse gas emissions; and

WHEREAS, investment in the development of clean energy has been impeded by conditions in the economic, financial, and commodity markets that constrain private sector investment; and

WHEREAS, the lack of sufficient private sector investment in low-carbon technologies may jeopardize meeting local, state, and national greenhouse gas emission reduction goals; and

WHEREAS, proposals have been introduced in Congress to create an independent Federal Green Energy Bank and similar financing models, initially capitalized by the Federal government, to provide a market-based catalyst for additional private sector investment in low-carbon technologies through direct, low-cost financing; and

WHEREAS, proponents of this concept estimate that $50 billion in capital could leverage $1 trillion in total investment over ten years, produce construction of at least 15 gigawatts each year, reduce annual energy costs by $22.5 billion, cut carbon emissions by 29.6 million tons, and facilitate creation of up to 1.5 million new and permanent jobs; and

WHEREAS, a Federal Green Energy Bank or similar financing model would apply a portfolio approach to mitigate risk and become self-sustaining, and funds invested would be paid back with interest for reinvestment, yielding ongoing and sustainable benefits with marginal cost to taxpayers;

NOW, THEREFORE BE IT RESOLVED, that The U.S. Conference of Mayors urges Congress to pass legislation establishing an independent Federal Green Energy Bank or comparable Federal clean energy financing program, in order to promote private sector investment and speed deployment of low-carbon technologies; and

BE IT FURTHER RESOLVED that The U.S. Conference of Mayors continue to advocate for other federal energy-related policies that support energy efficiency, renewable energy and deployment of new energy technology.