WASHINGTON – Congressman Tom Reed (R-Corning, NY-23) joined several other lawmakers from both sides of the aisle Wednesday in introducing a bipartisan piece of legislation known as the Energy Sector Innovation Credit Act. According to Reed, the legislation is designed to encourage U.S. energy market innovation and ensure future generations have clean air to breath and clean water to drink.
“Our climate is changing. There is no denying this,” Reed said. “We must unleash the greatest asset we have available to prevent this pending crisis – the power of American ingenuity and innovation. This tactic has proven time and time again to solve world problems – and this situation will be no different.”
The legislation is designed to helps cutting-edge technologies break into the market, with the tax credits being phased down as each technology becomes commercially viable. Reed said the tax legislation will help bring new technologies to the market to quickly and cheaply reduce global emissions, while ensuring the United States remains a leader on clean energy technology development and deployment.
“By offering a tax incentive for new energy technologies we will increase energy on the grid, ensure unneeded energy is not financially rewarded and thus unnecessarily produced, help cutting-edge technologies break into the market, incentive older energy sources to innovate and slash global emissions,” Reed said.
The proposed legislation is a further sign by Reed that he believes Climate Change is real and the new technology will help to reduce the environmental and climate footprint from humans. But while he acknowledges the climate is changing and that man is at least partly responsible, he told WRFA on Wednesday afternoon that he won’t go so far as to say humans deserve all the blame.
“I think there’s a legitimate debate as to, ‘Is it 100% man-made, is it X% naturally occurring in a combination with man-made activity?’ But I do believe man has contributed to it. I don’t deny that and never have,” Reed said. “That being said, we can have a fight about what is the cause of climate change or, what I believe is more productive, can we put ideas on the table that are going to solve the issue of climate change and clean up our environment, clean up our air, clean up water, and clean up our back yard.”
According to a media release sent out on Wednesday morning, supporters of the Energy Sector Innovation Credit include several national organizations and agencies, including Southern Company, ClearPath Action, United States Energy Association, the American Public Power Association, Bipartisan Policy Center, and Citizens for Responsible Energy Solutions, among others.
More details on the bill are available online.