Washington, D.C. – In response to the proposed updates to the American Energy Innovation Act, Life:Powered released its initial analysis of the legislation which found that while the bill does include some necessary updates, helpful additions, and repeals of outdated energy provisions, the majority of the bill is big-government programs and wasteful spending.
“More spending and more subsidies won’t create the energy solution of the future – that will come from unleashing the potential of the private sector and American entrepreneurs,” said Life:Powered’s Jason Isaac. “While the American Energy Innovation Act contains a few needed reforms, taxpayers should be gravely concerned with the new government programs and wasteful spending in the bill.”
The Pros of S. 2657
- Repeals over 50 outdated programs, subsidies, and regulations
- Improves efforts to assess critical minerals in the U.S. and energy materials recycling
- Reforms and updates nuclear research programs and strategic goals
- Encourages export of pollution control technologies for power plants, which should be coupled with requirements that trade partners strive to meet U.S. air quality standards
The Cons of S. 2657
- Expands the Weatherization Assistance Program, which has a negative rate of return
- Adds another $130 million annually for energy efficiency programs that should be pursued voluntarily due to cost savings
- Increases funding for risky venture capital-style projects in geothermal, carbon capture, and energy storage. Tax dollars should not be risked on projects not likely to bring significant environmental or economic benefits, whether to the U.S. or the developing world suffering from energy poverty.