Green Options

Wow, how’s this for “Straight Talk”? (And it’s not coming from the presidential candidates.) GE Energy chief John Krenecki is warning Congress that it better get serious and extend tax credits for renewable energy development … or face the consequences.

And what consequences would those be? In the Environmental Capital blog at the Wall Street Journal, Krenecki says Congress’ foot-dragging is risking a “collapse” of the U.S. wind industry. That could mean not only a major setback in the push for energy independence and the loss of thousands of jobs, but the loss of home-based corporate investments as well.

In his weekly radio address on Saturday, President Bush said Congress was ignoring the American public’s wishes by not expanding offshore drilling on the outer continental shelf.

Amid the distractions of the Democratic and Republican National Conventions, Sarah Palin surprises, Hurricane Gustav and beyond sits a vitally important and sadly too-neglected news item: investments in new projects for renewable energy are suffering because Congress hasn’t yet found a way to extend tax credits for such efforts.

The renewable energy tax credits for wind, solar and other clean energies is set to expire on Dec. 31.

The delay in extending those credits is hindering plans for new renewable energy projects. A study by Navigant Consulting, for example, warns that letting the tax credits expire could jeopardize $19 billion in renewables investment, as well as threaten 112,000 jobs in the clean-energy sector.

In his much anticipated speech at the Democratic Convention in Denver, Vice Presidential candidate Joe Biden has confirmed that, if elected, Barack Obama will give priority to bold policies on alternative energy.