Connect with us

Hi, what are you looking for?


Clean Power

IMPACT Act proposes $30 billion in loans to clean energy manufacturers


Senator Sherrod Brown (D-OH) is proposing a bill that would lend $30 billion dollars to American small and medium sized manufacturing companies who specialize in clean technology.  The bill would make American manufacturers a player in the clean technology market which faces stiff overseas competition.  It is estimated that 70% of the components for clean technology (much of which was invented in America) are made abroad.  So far, 150 businesses have come out and endorsed the Senator’s legislation.

The Apollo Alliance, a coalition of labor, business, environmental, and community leaders who are advocating a green revolution in the US, strongly support the bill.  Here’s how the Apollo Alliance sums up the advantages of the act:

  • $30 billion of revolving loans would generate $100 billion dollars in revenue
  • 680,000 direct manufacturing jobs would be created
  • every $1 million dollars invested in clean technology creates 5 manufacturing jobs
  • every $1 million dollars invested in energy efficiency creates 3-4 building-material manufacturing jobs

David McKinney, CEO of Clean Light Green Light which manufactures fixtures for LED lights, has endorsed the bill and sees this as an opportunity for his company based in Michigan.  Currently, he has fixtures being built in Sri Lanka and the Marshall Islands.  The loans and financing provided by the IMPACT Act would assist McKinny in bringing green collar jobs to a highly skilled, and highly unemployed work force.  Michigan is a state that has been hit with a drastic amount of job losses, with a 15.2% unemployment rate – the highest in the country.

Many of the incentives in the IMPACT Act are taken from money provided by the President’s stimulus bill.  Brown has also taken into consideration many of the incentives that were included in the climate bill recently passed by the House in June.  Senate Democrats hope to pass their version of the bill by October, and have something for President Obama to sign by the end of this year or early 2010.

Image:  Moiz Kapadia

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Autonomous Drones for Better Farming

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Moiz Kapadia graduated from Rutgers University with a BS in mechanical engineering. He is currently working as an engineer for Arup and lives in Newark, NJ.


You May Also Like

Clean Power

Steel, like concrete, is such an integral part of our world that we rarely notice it. From wherever you are reading this, I guarantee...

Clean Power

We've mined enormous amounts of iron and coal in order to build infrastructure to extract, process, refine, and distribute fossil fuels, and we're going...

Climate Change

Wucker's work is much more read and attended to in Asia than in the west. Short-termism and individualism has reached its nadir in too...

Clean Power

Electrification and heat pumps radically reduce the requirement to build new wind, solar, nuclear, hydro, and geothermal primary energy sources.

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.