Today, US Representatives Zoe Lofgren and Doris Matsui, along with 15 original co-sponsors, introduced the Clean Energy Victory Bonds Act of 2014. The bill is now before the House of Representatives, and not a moment too soon.
The Clean Energy Victory Bonds Act of 2014, or CEVB for short, is modeled after one of the most successful fundraising efforts in US history. In World War II, millions of Americans purchased over $185 billion (over $2 trillion in today’s dollars) worth of Victory Bonds issued by the United States Treasury, in order to fund the war effort. The bonds allowed citizens to invest directly in the materials and technologies needed to achieve victory in one of the most destructive wars in human history.
Today, however, we face different problems – a rapidly changing climate, rising sea levels, and more intense weather events like Hurricane Sandy put our infrastructure and economy at risk. Our outdated energy systems continue to inefficiently burn fossil fuels, and the extraction of these fuels continues to degrade ecosystems across the planet. Renewable energy and energy efficient technologies are a promising solution to these crises, but a lack of funding makes them unappealing to industrial-scale investors.
The United States also risks losing its position as a clean energy leader. China, Germany and other nations are outspending the US in the clean energy race and are already seeing the benefits of increased jobs and plentiful clean energy.
Clean Energy Victory Bonds, backed by the full faith and credit of the United States, will allow any American to invest in a clean energy future for as little as $25. The sale of the bonds is projected to raise up to $50 billion, which would leverage an additional $100 billion from private investors. The money raised would fund essential tax credits to renewable sources like wind, solar, and geothermal, as well as energy-efficiency programs. Continued support of these industries will reduce the demand for fossil fuels, reduce the amount of CO2 poured into the atmosphere, and create at least 1 million well-paying jobs that cannot be shipped overseas. With oil companies still receiving massive government subsidies, a fundraising effort of great proportions is needed to level the playing field for clean energy technologies.
If you want to invest in our nation’s energy future by purchasing CEVBs, call your Representative in Congress and tell him or her to co-sponsor the Clean Energy Victory Bonds Act of 2014. With your help, we can transition our economy from one that relies on dirty fossil fuels to a clean energy economy that provides real opportunities for our citizens, all while protecting our homes from catastrophic climate change. For more information, please visit www.cleanenergyvictorybonds.org.