VANCOUVER, WA – Today, U.S. Senator Maria Cantwell convened a roundtable at Clark County Community College to discuss ways to accelerate the growth and deployment of clean energy technologies.  The roundtable gathered clean energy leaders ranging from company CEOs, researchers, and venture capitalists to discuss the federal government’s role in creating and promoting a clean energy economy.  Cantwell has been a long time supporter of Washington state leading the nation in the growing clean energy industry. 

 

“With the pace of technological and market innovation in the energy industry, Washington state has a unique opportunity to create thousands of family-wage green collar jobs and literally help save our planet,” said Cantwell. “We need America’s brightest minds focusing on ways to catalyze and accelerate the deployment of clean energy technologies. A cleaner, more diverse 21^st century energy policy is the only way we can help prevent catastrophic global warming and end our dependence on fossil fuels.”

 

During the event, Cantwell applauded area leaders for looking forward in new ways to keep the economy rolling and minimize the impacts from the loss of outdated industries. Vancouver’s geographic location near Portland and major ports makes it an ideal location to spur clean tech development, and the Port of Vancouver has already benefited from new wind farms being built in and around the Columbia River. 

 
The panelists also focused on financing barriers to clean technology deployment, particularly the need for more private equity investment which has traditionally shunned clean energy in favor of technologies which cost less to get to market.  The growing demand for energy and rising fossil fuel prices has spurred some changes in investment trends.  In 2007, private equity invested $6.3 billion in clean energy technology, a 21 percent increase from the year before.  And the average amount venture capitalists committed per round of financing increased to $15.8 million in the first quarter of this year, up 53 percent from $10.3 million a year ago.  In fact, one of the roundtable panelists, Infinia of Kennewick Washington, received the single largest private financing investment in the whole country for the first quarter of 2008.

 

As a member of the Senate Finance Committee, one of Cantwell's top priorities has been to provide business with predictable clean energy tax incentives.  In February, Cantwell fought to get an extension of critical clean energy tax extensions for businesses and consumers as part of the economic stimulus package.  While the Cantwell amendment was approved by the Senate Finance Committee, and would have led to tens of billions of dollars in investment and more than a 100,000 new jobs in 2008, her provision failed by one vote from being included in the final law.  Last month, Cantwell was successful in passing her bipartisan $8.3 billion clean energy tax proposal out of the Senate, and it now awaits consideration by the House of Representatives.