Welch supports House climate change bill

On Friday, June 26, Representative Peter Welch voted to approve a landmark climate change bill which was then passed successfully by the House. The bill, designed to cap carbon emissions and invest in renewable energy, contained several major provisions authored by Welch, including a national energy efficiency program that will retrofit the nation s homes and buildings.
The America Clean Energy and Security Act passed on a vote of 219 to 212. The bill aims to reduce carbon emissions 83 percent by 2050 and will establish a renewable energy and efficiency standard of 20 percent by 2020. Supporter of the bill also say that the legislation will create 1.7 million new clean energy jobs, save the average household $4,000 a year in energy costs by 2030, and slice back the use of foreign oil by more than 5 million barrels a day.
Today we took a historic step forward in our efforts to forge a new energy economy and tackle the imminent threat of climate change, Welch said. This bill will create millions of jobs, save homeowners thousands of dollars and ensure our nation s economy can compete in the 21st century. Vermonters recognize that we must wake up to the energy challenges our nation faces and embrace the opportunities that come with addressing them head-on. I m proud that today we took an enormous step toward enacting the change our planet requires.
H.R. 2454 will invest millions into Vermont s economy and further bolster the state s efforts to develop renewable energy and efficiency technologies. Initially, ten percent of the revenues generated through the sale of emissions allowances will be distributed to State Energy and Environmental Development (SEED) accounts to invest in renewable energy and efficiency programs. According to the non-partisan Congressional Budget Office, Vermont is expected to receive between $31 and $71 million in direct SEED funding by 2012.
The bill includes several provisions authored by Welch, including the nation s first comprehensive energy efficiency program, the Retrofit for Energy and Environmental Performance (REEP) program. Based on Vermont s leadership in creating jobs and cutting energy use through efficiency investments, REEP will bring Vermont s common-sense philosophy of energy conservation to the rest of the country.