Carbon Cap Key to Leveraging Clean Energy Tax Credits, Growing AR Clean Energy Economy
AR businesses net $30+ million in clean energy manufacturing tax credits
FOR IMMEDIATE RELEASE:
January 14, 2010
Contact:
Eddy Moore
AR Business Leaders for a Clean Energy Economy
C: 501-772-5426
(Little Rock, Ark)-Four Arkansas businesses in the wind and advanced-battery industries netted over $30 million of a $2.3 billion clean energy manufacturing tax credit in the Federal economic stimulus legislation this week. The significant size of tax credits awarded to Arkansas businesses provides a clear indicator of the strength of the state’s clean energy economy and that comprehensive federal climate and energy policies will further grow Arkansas’ economy, according to the Arkansas Business Leaders for a Clean Energy Economy.
“Arkansas represents a little under 1% of the US population but we received at least 1.5% of the clean energy tax credits during the first round of funding,” said Eddy Moore, coordinator of the Arkansas Business Leaders for a Clean Energy Economy. “This is another indication that Arkansas is strongly positioned to benefit from the shift to a lower-carbon economy.”
Nordex, the Jonesboro windmill turbine manufacturer, garnered one of the twenty largest awards in the nation-a $22 million in support for its new manufacturing facility. Nearby American Railcar Industries, with manufacturing facilities in Paragould and Marmaduke, received over $3.6 million to re-equip a railcar plant so that it can produce the huge towers needed for large-scale windmills. Mitsubishi Power Systems Americas was approved for $5.1 million to help construct a new windmill nacelle manufacturing facility. Also, Little Rock’s Porocel Industries, LLC, received $2.9 million in credits to construct a new facility to supply the battery industry.
“Arkansas’ economy is already benefiting from investment in renewable energy technology, and putting a price on carbon will help Arkansas capture an even bigger slice of what will become a multibillion-dollar industry,” added Moore.
A recent study conducted by a consortium of economists at three leading universities found The strongest climate and energy policies could generate up to 25,000 additional jobs in Arkansas, increase Arkansas real Gross Domestic Product by $1.2 billion and real household income by $1,230 per year (as measured in 2008 dollars) by 2020.
Pew Charitable Trusts’ analysis shows that 448 businesses in Arkansas generated more than 4,500 jobs in clean energy by 2007. The same study showed that between 2006 and 2008, venture capitalists poured $22.8 million into clean technology businesses in the state.
Webster University energy and labor market economist Jim Metzger adds, “the synergies between labor markets that develop as a result of building our clean energy economy may increase the [economic] benefits in the long-term. A national commitment to grow our clean energy economy would make our entire workforce available for new, green jobs.”
Arkansas Business Leaders for a Clean Energy Economy is an informal network of businesses and business leaders, spanning a wide spectrum of industry and commerce. The network supports a transition to a low-carbon clean energy economy in Arkansas and nationally. Its goal is to empower the Arkansas business community to influence public policy that helps get us there.
For more information on AR Business Leaders for a Clean Energy Economy visit: http://www.arkcleaneconomy.biz/
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Tags: Cap and Trade, Clean Energy, Climate, Energy