U.S. Reps. Zoe Lofgren, D-Calif., and Doris Matsui, D-Calif., have introduced the Clean Energy Victory Bonds Act. According to the legislators, Clean Energy Victory Bonds are patterned after the victory bonds sold during World War II and would allow Americans to participate in the clean energy economy.
‘Individual citizens helped turn the tide in World War II with victory bonds, and we can do that again for the energy and environmental challenges we face by allowing folks to invest in innovative technologies that yield a profitable return for the investor and to society," says Lofgren.
Under the proposed legislation, the lawmakers say the U.S. Treasury Department would issue small-denomination, specifically designated bonds that are widely sold and promoted to fund and extend existing tax incentives and credits that encourage the growth of renewable energy and energy efficiency technologies. The bonds would be available for purchase by individuals for as little as $25, and the legislators say the proceeds could help create up to $50 billion in direct investment.
In addition to Lofgren and Matsui, original co-sponsors of the Clean Victory Energy Bonds Act include over a dozen Democrats from across the country.
Green America and the American Sustainable Business Council, among other groups, have endorsed the bill.
Todd Larsen, corporate responsibility division director of Green America, says, "There are currently few investment opportunities for the average investor interested in supporting the shift to a clean energy economy, so this bond fills a need for both investors and industry."
"From a business perspective, the Clean Energy Victory Bond makes great sense," adds Richard Eidlin, co-founder and policy director of the American Sustainable Business Council. "The clean energy industry has not had the steady flow of financial support that investors and business need to plan effectively, resulting in investors often deciding to place their investments overseas rather than in the U.S."