The appropriations omnibus bill just passed through Congress “recommends that the Export-Import Bank provide 10 percent of its financing capacity to promote the export of clean energy products and services.” This was a recommendation by many groups, including the Center for American Progress (CAP).
Having supported more than $400 billion dollars of U.S. exports during the past 70 years, the Export-Import Bank is one of the most powerful tools at the U.S. government’s disposal for spurring innovation and economic growth.
But in yet another backward-looking strategy typical of this Administration:
In fiscal year 2006, Ex-Im promoted $1.8 billion in traditional fossil fuel exports but only $9.8 million in renewable energy exports.
As CAP notes:
This new provision is an important first step toward shifting this ratio in favor of the industry that has the greater growth potential: clean energy.
Kudos to all concerned (and yes, 10% is not enough, but it is a start — and it beats the heck out of 0.5%).