There is here an obvious coordination of strategies and views on the manner to tackle the financial crisis. Both the European Union (EU) and the U.S. new administration see energy security, in all its different components, as a vital sector for the well-being and growth of their economy in the short-term.
The so-called “economic stimulus package” under discussion by the two Houses of the U.S. Congress foresees to invest in clean energy and green jobs, for an approximate amount for $145.3 billion. The House of Representatives have already approved $819 billion under the stimulus bill on January 28, 2009. The bill will now be examined by the Senate.
Hereafter are summarised some of the actions and corresponding stimulus instruments (See Apollo Alliance for details):
- towards a modernised and “smart” electricity grid: funding for R&D, pilot projects, and federal matching funds for the Smart Grid Investment Program, loan guarantees for investment and implementation of infrastructure projects;
- energy efficiency in the building sector: implementation of energy efficiency standards, renovation and green building completion, in both public and private sectors, both at federal and state levels, in the form of loans, grants and direct financial support;
- weatherisation and housing sector: increased resources for the Weatherization Assistance Program aimed to help low-income families reducing their energy costs, help them pay for home heating and cooling at a time of rising energy costs, and provide rebates for the purchase of efficient Energy Star products to replace old appliances;
- renewable energy sources deployment: loan guarantees for renewable energy power generation and transmission projects, federal funding from the DOE in research in clean technologies and engineering, extension of the Production Tax Credit in the residential sector;
- carbon capture and storage: $2.4 billion for CCS technology demonstration projects;
- climate change research: satellite development and acquisitions of technologies, including climate sensors and climate modelling, $400 million to NASA for climate change research, support to repair labs specialised in earth and climate change research.
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