Since it's Earth Day today, we're going to hear a lot about the environment, especially in terms of recycling efforts, park clean-ups, etc. Those are great projects, but what we really need are comprehensive, aggressive, market-based policies to slash global warming emissions and promote energy efficiency and renewables. Businesses from Main Street to Wall Street are getting greener and we - with our pocketbooks - should continue to support those that are taking the leap and watch for those that simply talk a good game.
The production tax credit (PTC) is a good example of a federal policy that promotes and incentivizes clean, renewable energy. The PTC was set to expire on December 31 of this year but was granted a one-year extension by the Senate. The unpredictability of this policy is not good for the U.S. wind power industry. Wind projects tend to stall several months ahead of the PTC expiration date and an uncertain regulatory climate causes nervousness in developers.
Senior executives from four of the world’s top wind turbine manufacturers (GE Energy, Gamesa, Siemens and Vestas) are urging Congress to extend the PTC soon. Here's a video of their speeches: