Measure seeks to bolster clean energy initiatives
U.S. Sens. Mike Crapo (R-ID) and Sheldon Whitehouse (D-RI) introduced legislation designed to encourage clean energy sector innovation by aiding the process of expediting new technologies.
The Energy Sector Innovation Credit (ESIC) Act was introduced in the wake of an International Energy Agency report detailing the lack of commercially deployed technologies needed to address cumulative CO2 emissions reductions.
Senate Finance Committee members John Barrasso (R-WY) and Michael Bennet (D-CO), as well as Senate Energy and Natural Resources Committee members Jim Risch (R-ID) and John Hickenlooper (D-CO), are original co-sponsors of the legislation.
“Thanks to innovators like the INL, the United States continues to lead the world in clean energy development,” Risch said. “The Energy Sector Innovation Credit Act will advance us towards the goals of energy independence and a clean energy future by ensuring that nuclear, hydrogen, geothermal, and other groundbreaking technologies play a key role in our energy mix.”
Per the bill, provisions include the grouping of technologies different from one another as determined by the Department of Energy (DOE), national labs, and varied stakeholders; flexibility for unforeseen clean energy technologies to gain ESIC eligibility via expedited consideration to accept DOE new technology recommendations; and phase out credits as technologies mature.
“If we are to meet long-term emissions targets without sacrificing affordable electricity, we need to invest in on-the-horizon technologies that can accomplish our environmental goals, create good-paying American jobs and meet our energy demand,” Crapo, ranking member of the Senate Finance Committee, said. “ESIC will incentivize technology-wide clean energy innovation so new, clean technologies can rapidly scale up and compete independently in the market.”
