WASHINGTON - Today, U.S. Senator Tom Udall announced an amendment that he has filed to energy legislation that would ultimately enable all Americans to buy Clean Energy Victory Bonds, allowing regular people across the country to do their part to invest in our nation's clean energy future. Modeled after war bonds, which raised billions of dollars during World War I and World War II, Clean Energy Victory Bonds would help local, state and federal governments raise billions of dollars in capital that they could then invest in building clean energy infrastructure -- like solar fields, geo-thermal heating and cooling systems, and energy-efficient building upgrades. Those changes would not only help communities across the country fight climate change, they would create thousands of jobs in construction and installation -- among other fields -- and save taxpayers money.
Udall is seeking to add his amendment to the broader energy bill currently being debated on the Senate floor. Udall's amendment would direct the Departments of Energy and Treasury to submit a plan to Congress to develop Clean Energy Victory Bonds. The sale of these bonds could raise up to $50 billion, which could be leveraged to inject $150 billion into clean energy innovation and create over 1 million jobs.
"Americans in New Mexico and across the country want to do their part to help the United States fight climate change and build a strong clean energy economy. Most people can't afford to invest in a clean energy mutual fund, but many can set aside $25 or $50 for a Clean Energy Victory Bond," Udall said. "This is an exciting and modern take on the victory bonds that helped America win World War II. Climate change is a different kind of threat, but we need that same patriotic spirit so we can fight and win. Clean Energy Victory Bonds will make it possible for Americans to rally together and buy into our clean energy future."
Much like the war bonds programs during World War I and II, purchasing Clean Energy Victory Bonds would be voluntary and investors would earn back their full investment, plus interest through energy savings and loan repayments. Bonds would be sold by the Department of the Treasury and backed by the full faith and credit of the U.S. government.
Udall's amendment is supported by numerous organizations, including:
American Sustainable Business Council
Green America
American Wind Energy Association
Ceres
Cal Clean Energy Fund
Cedar Energy Investors
Current Energy Systems, Inc.
Electric Drive Transportation Association
Evangelical Environmental Network
Las Cruces Green Chamber of Commerce
League of Conservation Voters
National Wildlife Federation
PNM
Union of Concerned Scientists
