Sen. Stabenow, Siemens USA CEO Highlight Urgency of Federal Clean Energy Investments to Grow U.S. Manufacturing and Supply Chains

LINK TO YOUTUBE VIDEO: Pop-Up Conversation with Sen. Debbie Stabenow

March 19, 2022 /3BL Media/ - Sen. Debbie Stabenow (D-Mich.) sat down for a virtual interview with Anna Palmer of Punchbowl News to discuss the future of proposed historic federal climate and clean energy investments in the U.S. Afterward, Siemens CEO Barbara Humpton talked to Punchbowl News about why companies are urging Congress to swiftly pass a budget reconciliation bill with ambitious investments in clean energy manufacturing and deployment.

Organized by Ceres, the event came as the worsening crisis in Ukraine amplified calls for U.S. energy independence and the need to speed up our transition to a clean energy future—and as President Joe Biden and House and Senate lawmakers ramp up negotiations again on a budget reconciliation package. It also comes on the heels of a new report from the Intergovernmental Panel on Climate Change that affirmed the climate crisis is worsening and urgent action from governments and the private sector is needed to limit global temperature rise to no more than 1.5 degrees Celsius. Both Sen. Stabenow and Humpton said they are optimistic that Congress would pass a reconciliation bill that included key climate investments, such as incentives to boost clean energy and transportation infrastructure and tax credits to expand clean energy manufacturing.

“[W]e need the clean energy manufacturing credits so that we are bringing our jobs home,” Sen. Stabenow said. “We bring jobs home, we make things in America, we create jobs, and we create the clean energy manufacturing that we need to have.”

“We have to make sure that we’re helping get more people into electric vehicles. And the consumer tax credits are incredibly important to do that.” Sen. Stabenow added. “I tell folks, if we do this right, in another couple years or so, you don’t have to worry about the price of gas. You can drive right by the pump. You don’t even have to look at the sign. It won’t matter.”

“If there are tax credits that can go into localizing the manufacturing of key elements of our power infrastructure, that would be fantastic,” said Humpton. “So, if the federal government can be looking at areas where they can provide the seed investment, that leads then to the attraction of private dollars and American innovation that we know we’ll see that ball really start to roll.”

Siemens USA is not the only major U.S. businesses calling for urgent action. In December, more than 400 investors and companies of all sizes and industries sent a letter to members of Congress calling for “swift enactment” of the historic climate investments that are currently in the reconciliation bill. “Other countries are shifting their policies and economies in this direction, and the U.S. cannot afford to miss this chance to unlock its private sector innovation to command the markets of today and tomorrow,” the letter states.

Dozens of them, including General Motors, Salesforce, and Siemens USA, visited with Congressional lawmakers in February urging immediate climate action. And in May, Ceres will bring together a record number of companies and investors for LEAD on Climate 2022 to continue the corporate call for ambitious federal climate action.

In a statement last week, Ceres reaffirmed the urgent need for Congress to hasten the transition to clean energy by acting now to swiftly pass a budget reconciliation bill with investments in clean energy manufacturing and deployment to address the threat that the climate crisis and U.S. reliance on fossil fuels poses for our economy, national security, and society at large.

“Congress must make and take a deal on a federal reconciliation budget bill with significant climate, clean energy, and environmental justice investments as its foundation,” wrote Anne Kelly, vice president of government relations at Ceres. “These investments will reduce our dependence on fossil fuel energy sources and volatile global energy markets, which lead to spiking natural gas and oil prices and threats to our national security.”

About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

Media Contact: Helen Booth-Tobin, booth-tobin@ceres.org, 617-247-0700 ext. 214