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Context of 'May 18, 2009: Australia Announces Intention to Invest Billions in Clean Energy, Carbon Reduction'

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The American Recovery and Reinvestment Act (ARRA) invests $90 billion in clean energy projects for the next 10 years via loan guarantees, tax incentives, and grants. $38 billion of this is government spending and $20 billion is tax incentives. Symbolically, President Obama signs the bill into law at the Denver Museum of Nature and Science, where he takes a tour of the museum’s solar panel installation. He says he hopes the bill will inspire Americans to get involved in “green” energy the same way that President Kennedy’s goal to put a man on the moon inspired Americans in the 1960s. “I hope this investment will ignite our imagination once more in science, medicine, energy and make our economy stronger, our nation more secure, and our planet safer for our children,” Obama says before signing the bill. The bill includes:
bullet A three-year extension to the tax credit for wind, which would have expired at the end of this year, and an extension until the end of 2013 for geothermal and biomass renewable-energy projects. The credit has been increased to 30 percent of the investment.
bullet $4.5 billion in direct spending to modernize the electricity grid with smart-grid technologies.
bullet $6.3 billion in state energy-efficient and clean-energy grants, and $4.5 billion to make federal buildings more energy efficient.
bullet $6 billion in loan guarantees for renewable energy systems, biofuel projects, and electric-power transmission facilities.
bullet $2 billion in loans to manufacture advanced batteries and components for applications such as plug-in electric cars.
bullet $5 billion to weatherize homes of up to 1 million low-income people.
bullet $3.4 billion appropriated to the Department of Energy for fossil energy research and development, such as storing carbon dioxide underground at coal power plants.
bullet A tax credit of between $2,500 and $5,000 for purchase of plug-in electric vehicles, available for the first 200,000 placed into service.
Most companies in the green-tech field hail the new focus on energy efficiency and renewable energy in the bill, contrasting it with the Bush administration’s support for fossil fuel energy production and its disdain for clean energy programs. Investors and analysts say the new law is a step towards a comprehensive energy policy based on sustained commitment to renewable energy and efficiency. Michael Liebriech of New Energy Finance says: “For years, US policymakers’ support for clean energy has been uneven. No longer… the US will have a great chance to be the growth engine for our industry over the next several years.” The spending should have an almost-immediate impact, especially in areas such as smart grid technology and energy efficiency, says venture capitalist Dennis Costello. However, even this influx of government funding does not solve all the financial problems facing energy technology firms. The recession continues to grip the economy, he notes, damping demand and making financing of new projects difficult. “It’s kind of refreshing to see at least beginnings of a real energy policy, some sort of unified approach to our energy problems,” he says. “But it isn’t going to solve our energy problems. There are a lot of countervailing factors to give pause to being over-exuberant on the future of energy sector and clean tech.” [CNET News, 2/17/2009; Adam Johnston, 7/2013]

Entity Tags: Bush administration (43), Barack Obama, Michael Liebriech, Dennis Costello, Obama administration, American Recovery and Reinvestment Act of 2009, Denver Museum of Nature and Science, US Department of Energy

Timeline Tags: Global Economic Crises, US Solar Industry

The Australian government announces it will invest $4.5 billion ($3.4 billion in US dollars) in developing the infrastructure necessary to generate energy from solar and wind power, and to reduce carbon emissions. It will also invest in low-emission coal technologies and in large-scale solar electricity generation projects. $465 million goes to a new governmental organization, “Renewables Australia,” intended to lead development in renewable energy research, development, and deployment. The investment plans go against years of Australian governmental policy that forbid spending funds on building clean energy infrastructure. [Breakthrough Institute, 5/18/2009]

Timeline Tags: US Solar Industry

Billionaire investor and philanthropist George Soros says he plans to invest over $1 billion in clean energy technology. Soros is well known for his donations to liberal and progressive causes (see January - November 2004 and February 2007), but has not been prominent in the field of clean energy until now. The online magazine GigaOm reports that Soros’s decision is “another proof point that cleantech has emerged during the recession as one of the few sectors worth investing in.” Clean energy technology, propelled by investments by venture fund manager Vinod Khosla (see September 1, 2009), was the leading investment category in the US in the third quarter of 2009. Soros tells a conference audience in Copenhagen, “I will look for profitable opportunities, but I will also insist that the investments make a real contribution to solving the problem of climate change.” He also intends to start a watchdog group called the Climate Policy Initiative that will, he says, “protect the public interest against special interests.” [GigaOm, 10/12/2009]

Entity Tags: GigaOm, Vinod Khosla, George Soros

Timeline Tags: US Solar Industry

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