The House of Representatives this week approved legislation that irresponsibly eliminates a key Energy Department loan guarantee program that is helping grow California's renewable energy industry and creating jobs across Southern California.
Before I get into the particulars, here's the bottom line: By rescinding about $2 billion in Recovery Act funds and loan authority, the House has jeopardized some $40 billion of private industry investment in clean energy.
Twenty-four California companies have applied for a total of $16.2 billion in loan guarantees that would bring tens of thousands of jobs to California, firmly establishing an industry of the future in our backyard.
Funding for those loan guarantees would be eliminated by the House-passed bill. Projects likely to be scrapped — unless the funding is restored in a Senate version of the bill — include renewable energy power plants, factories to build wind turbines and solar panels, and refineries to produce low-carbon vehicle fuel.
Read more at;
http://www.ocregister.com/opinion/california-289628-energy-loan.html
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