With his decision to veto an increase to Maryland’s Renewable Portfolio Standard, the Governor has missed an opportunity to drive in-state private investment and economic growth.
For Immediate Release – May 28, 2016
Washington, D.C. – In response to Maryland Governor Larry Hogan’s decision to veto Senate Bill 921 – Clean Energy Jobs – Renewable Energy Portfolio Standard Revisions, the President and CEO of the American Council on Renewable Energy (ACORE), Gregory Wetstone, issued the following statement:
“With this veto, the Governor is turning his back on billions of dollars in new, private sector investment for Maryland. What’s more, national data shows that the states with higher levels of renewable energy actually have lower, rather than higher, electricity prices. Fortunately, we are optimistic that the General Assembly will correct this mistake with a bipartisan override vote early next year.”
Economic analysis produced by ACORE and the U.S. Partnership for Renewable Energy Finance (US PREF), found that the scale up of renewable energy in Maryland has attracted almost $1.4 billion in asset finance, private equity and venture capital to Maryland since 2008. Had Governor Hogan chosen to support the state legislature’s decision to expand the Renewable Portfolio Standard (RPS) to 25 percent by 2020, meeting this increase with in-state growth would have resulted in billions more in investment in Maryland.
In addition to the positive economic growth that the Clean Energy Jobs bill would have brought to Maryland, recent polls showed that over 70 percent of Maryland voters supported expanding the RPS to 25 percent by 2020. A majority of Republicans, Democrats and Independents voiced their support for the Clean Energy Jobs bill specifically.
ACORE will continue to focus on its mission of uniting business, policy and finance to grow renewable energy in Maryland and around the country, and hopes that the General Assembly will revisit this legislation in early 2017.
ACORE is a national non-profit organization dedicated to advancing the renewable energy sector through market development, policy changes, and financial innovation. With a savvy staff of experts, fifteen years of experience promoting renewable energy and hundreds of member companies from across the spectrum of renewable energy technologies, consumers, and investors, ACORE is uniquely well-positioned to strategically promote the policies and financial structures essential to renewable energy growth. The organization’s annual conferences in Washington, D.C., New York and San Francisco set the industry standard in providing important venues for key leaders to meet, discuss recent developments, and hear the latest from senior government officials and seasoned experts. Additional information is available at: www.acore.org
ACORE Media Contact:
Kevin Haley, ACORE