American Clean Energy And Security Act Of 2009

Floor Speech

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Mr. WELCH. Thank you, Mr. Waxman.

Madam Speaker, although some dispute it, there is little doubt that oil is a finite resource and we are at or near peak oil, that global warming is real, that the threat to our economy is immediate and that the need to act is urgent.

And while our friends on the other side raise questions about how our actions will affect jobs and utility bills, those very legitimate concerns have been exhaustively addressed in this legislation.

But what they fail to acknowledge is that the cost of inaction is great in lost opportunity for jobs, a cleaner environment and a stronger economy. Many of the new jobs in Vermont and around the country are related to the new clean-energy economy.

Madam Speaker, today Congress will make a very fundamental decision. Will America confidently and directly declare a policy of American energy independence? Will it unleash the talents of our scientists and engineers, empower our entrepreneurs and manufacturers? Will it put to work our farmers, carpenters, masons, electricians and plumbers through efficiency, through renewable energy and through the new technology for coal?

The great decisions a nation makes, Madam Speaker, are always about facing our problems, not retreating from them, and about the conquest of hope over fear.

I first wanted to thank Chairman Waxman, Chairman Markey, and the Energy and Commerce Committee staff for their tremendous work and leadership on this legislation. To bring to the floor the first ever bill to address our global warming crisis was no small feat, and while we would all like to see changes in this bill, it represents the best step forward toward charting a new energy future for our country.

If civil rights was the issue of my generation, addressing climate change is the issue of today's. The young people and students across this country deserve great credit for providing the energy--renewable, of course--behind this historic legislation. They have the most at stake; they will inherit this planet and the economy we leave them. Their future must be addressed now.

Earlier this year when we first began taking testimony on this legislation, I had the opportunity to ask executives of some of the world's largest companies whether Congressional inaction for addressing climate change threatened their bottom line, their viability, and our economy. One by one, they each responded: ``yes ..... yes ..... yes.'' These were our nation's economic leaders unanimously recognizing the urgent need for a new, post-carbon economy.

The scientific facts are clear: global warming is real, it is urgent and it threatens our economy, our national security, and our way of life if unaddressed. We must tackle this challenge squarely, like the confident nation that we are.

Addressing this challenge presents us with opportunity--an opportunity to create new, green jobs and build a stronger economy; an opportunity to make our country more secure and energy independent; and an opportunity to save on electric bills at home and turn better profits at the workplace.

This legislation sets us toward the bright future of a post-carbon economy. If we don't make this commitment now, nations like Japan, Germany, Brazil--countries around the world will outpace us and leave us far behind.

In this legislation, we take the bold steps necessary--with a firm cap on carbon pollution, new renewable energy and energy efficiency standards, and investments in renewable energy development. But we also make policy changes throughout our energy economy that will help hard working Americans get and stay ahead.

We create a national Certified Clean Stove Program, building on Vermont's success to encourage those who heat their homes with wood stoves to install cleaner-burning stoves.

We establish the nation's first energy efficiency improvement target.

Among many consumer protection previsions, but critical for states like Vermont, we establish consumer rebates and weatherization efficiency investments to residents in states that rely upon home heating oil.

And we establish The Retrofit for Energy and Environmental Performance (REEP) Program to provide billions of dollars in financial incentives to homeowners and business owners to encourage them to retrofit the nation's existing buildings, which account for 10 percent of global carbon emissions. This program, supported by the Home Builders, Realtors, NRDC and others, will create thousands of jobs and help homeowners and business owners save on energy bills.

At less than the cost of a postage stamp a day, through this bold legislation we will make our nation more secure, create a new, more efficiency, more productive, more prosperous energy future.

When President Kennedy said we would put a man on the moon, many thought it wasn't possible. We did it. Today, we take the bold and necessary step to address one of the most pressing and urgent challenges in generations.

As the author of the provisions of this bill that creates the Retrofit for Energy and Environmental Performance (REEP) Program Act, it is my goal to ensure the greatest possible participation in efforts to reduce energy consumption in residential and commercial buildings.

It has come to my attention that real estate investment trusts (REITs) may be reluctant to participate in this program as it is currently crafted. They are concerned that they may lose their REIT status unless the REEP grants are considered qualifying assets that generate qualifying income for the purposes of the REIT income and asset tests.

Listed REITs own and manage over 6 billion square feet of commercial real estate. This is a significant amount of property that, if retrofitted, could yield significant energy savings.

Therefore it is my hope that as this bill moves through the legislative process we will include the necessary clarifications to ensure that REITs will be able to fully participate in the REEP program.

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