The third component of our plan is to accelerate the development of all alternative energy sources, including renewables. We have two main points of emphasis.
For coal, we call for a cost-share program providing direct loans and other assistance to demonstrate carbon capture and storage (CCS). High efficiency coal power facilities coupled with carbon capture and storage will help optimize the carbon efficiency of coal, advance our energy security and allow this abundant resource to remain a key part of our energy mix.
For renewables, we support the development of new incentives to encourage use of renewable feedstocks, which can replace fossil fuels for producing many chemical and plastic products. Further, the subsidy available to ethanol fuel creates a barrier to use ethanol as an alternative feedstock for non-fuel materials, such as chemicals and plastics.
For nuclear, we call for the federal government to provide the financial assistance necessary for the development of future base load nuclear power projects. In addition the government must restructure the program used to manage nuclear waste.
We call for:
- Direct loans and other appropriate aid to fund cost-shared demonstration of commercial-scale CCS.
- A long-term extension of the renewable energy production tax credits
- Extend incentives for biofuels to include renewable feedstocks, as many chemical and plastic products can be made using bio-based instead of fossil-derived feedstocks
- Accelerate deployment of nuclear power by providing certainty in the process by creating a workable plan to address the longstanding spent fuel issue, both in the near- and long-term, and funding R&D on waste recycling technology so that we extract more energy from fuel rods before long-term storage
- A regulatory and liability regime for carbon capture and storage to prove CCS' viability and to reduce emissions from fossil fuel plants
- Making the R&D tax credit permanent, to support corporate investments in research into transformative energy technologies.
- Portfolio standards on utilities that emphasize energy efficiency.
