Statement by Greg Wetstone President and CEO, American Council on Renewable Energy (ACORE)
Washington, D.C. – “We are deeply disappointed by the Administration’s FY 2020 budget request. There is no credible rationale for repealing critical renewable energy programs that have created hundreds of thousands of American jobs and always enjoyed broad, bipartisan support. Nor is there justification for draconian cuts to funding for clean energy research that is crucial to our global competitiveness. The good news for America’s renewable energy future is that Congress is likely to ignore these antiquated and misguided policy prescriptions. We look forward to working with Republicans and Democrats alike to ensure continued investment in renewable energy deployment.
The Administration’s proposal to abruptly repeal the investment tax credit (ITC) and accelerated depreciation for renewable energy property promotes investment uncertainty when the ITC is already ramping down pursuant to the 2015 PATH Act agreement. It is ironic that the Administration is proposing to eliminate these important incentives for the nation’s largest source of private sector infrastructure investment, even as fossil fuel and other energy sources continue to enjoy permanent subsidies.
In addition, the Administration’s proposed 70 percent cut to the Department of Energy’s Office of Energy Efficiency and Renewable Energy (EERE) and elimination of the Advanced Research Projects Agency – Energy (ARPA-E) would seriously jeopardize America’s global leadership in clean energy research. The U.S. cannot afford to risk falling further behind countries like China that are investing heavily in the next generation of renewable energy technologies.”
The American Council on Renewable Energy (ACORE) is a national non-profit organization that unites finance, policy and technology to accelerate the transition to a renewable energy economy. Founded in 2001, ACORE is the focal point for collaborative advocacy across the renewable energy sector, supported by hundreds of members spanning renewable energy technologies and constituencies. Every year, ACORE convenes top business leaders and policymakers at its annual forums on finance, policy and grid technology in New York, Washington, D.C. and San Francisco. For more information about ACORE, please visit www.acore.org and follow @ACORE on Twitter.