More than 100 Lawmakers Urge Banking Regulators to Revise Basel III Tax Equity Provisions to Not Imperil Clean Energy Transition

December 18, 2023

WASHINGTON, D.C. – Led by U.S. Congressman Sean Casten (IL-06), 106 lawmakers sent a letter today to Federal Reserve Chairman Jerome Powell, Federal Deposit Insurance Commission Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu, urging the agencies to revise tax equity provisions in the proposed Basel III rules that could imperil the clean energy transition. Following is a statement from Lesley Hunter, Senior Vice President of Programs and Sustainable Finance for the American Council on Renewable Energy (ACORE):

“Tax equity is a predominant source of financing in the U.S. renewable energy market, and it is critical that federal agencies immediately clarify a risk weight for renewable energy tax equity reflective of these investments’ loan-like characteristics, low-risk profile, and overwhelmingly positive historical returns. Near-term action is essential to avoid stifling crucial financing for the renewable sector at a time when it is needed most.”

For more information on renewable energy tax equity investments, click here.

To download ACORE’s letter on the impact of these proposed bank regulatory capital requirements on tax equity investment in clean energy, click here.

About ACORE:
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)

Dylan Helms
Associate, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)

The post More than 100 Lawmakers Urge Banking Regulators to Revise Basel III Tax Equity Provisions to Not Imperil Clean Energy Transition appeared first on ACORE.

https://acore.org/news/more-than-100-lawmakers-urge-banking-regulators-to-revise-basel-iii-tax-equity-provisions-to-not-imperil-clean-energy-transition/

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To the author of the meme here (if it’s an actual human being, vs. a Russian bot): to the best of my knowledge, the only actual major “scientific fraud” in world history was “Piltdown Man.” In 1912, a pseudo-anthropologist attempted to fool the scientific community into believing he had discovered the “missing link” between apes and humans.

Now, are there examples of instances when the science of the day turned out to be incorrect?

Of course, and new instances of this surface every day.

Think of how little when scientists believed 200 years ago is still intact today. Perhaps most obviously, Newtonian mechanics has fallen to relativity and quantum physics, but there are hundreds of other paradigm shifts in health and medicine, psychology, cellular biology, chemistry, and particle physics.

Contrary to what conspiracy theorists want you to believe, science is not a set of facts; it’s a methodology whereby we come to learn more about ourselves and the world around us.

Are there other methods by which we “learn?” Sure. Some uneducated guy goes on YouTube and becomes convinced that our consumption of fossil fuels is not causing the temperature of the Earth’s atmosphere and oceans to rise. I would argue that this conduct is inferior to the scientific method.

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At left we see the moral bankruptcy that guides our civilization.

I recall many years ago, when Musk was becoming a “thing,” writing a post to the effect that, “What a terrible shame. We really didn’t need just one more super-rich asshole on this beleaguered planet.”