Bipartisan Energy Working Group Introduces the American Conservation and Clean Energy Independence Act

Press Release

In an effort to find common ground on energy and environmental issues, Rep. Shelley Moore Capito today joined a bipartisan group of her congressional colleagues to introduce the American Conservation and Clean Energy Independence Act. The legislation is the product of the Bipartisan Energy Working Group, a collection of members that includes Capito, Neil Abercrombie, D-Hawaii, Tim Murphy, R-Pa., Tim Walz, D-Minn., Jim Costa, D-Cal., Lee Terry, R-Neb., and Joe Wilson, R-S.C.

At a press conference in the U.S. Capitol, members of the working group spoke about the importance of bipartisan dialogue and cooperation on energy issues.

"Once again this group has demonstrated that bipartisan - or non-partisan - consensus on energy doesn't have to be out of reach," said Rep. Shelley Moore Capito, who worked with Abercrombie, former Rep. John Peterson, R-Pa., and others to introduce similar legislation last year.

"With revenues from traditional exploration, we can invest billions in green renewable resources, clean coal technology and other domestic sources of energy. We can invest in energy efficiency. And most importantly we can set our nation on a path towards decreasing our reliance on foreign sources energy. The American people have asked for common-sense, bipartisan solutions, and with this bill that's exactly what they will get."

The group's legislation would utilize royalties generated from expanded off-shore energy exploration to provide funds for a range of energy and conservation initiatives.

Ten percent of royalties (up to $220 billion based on current energy prices) would support investments in clean coal technology, such as carbon capture and storage. Twenty percent of royalties (up to $440 billion) would support a renewable energy and energy efficiency reserve.

Still other resources would be dedicated to an environmental restoration reserve designed to support restoration and ecosystem protection projects in areas like the Great Lakes, the Chesapeake Bay or the Everglades.

Other investments include the creation of a Conservation Reserve, a Clean Water Reserve and increased assistance for the Low Income Home Energy Assistance Program. The legislation will also extend alternative and renewable energy production tax-credits through 2019 to provide predictability and encourage private capital to support clean energy infrastructure needs.

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