Alternative Energy: Global Public Policy and Regulatory Challenges , Goldman Sachs Symposiu

Baucus, Max S.

English

University of Montana

University of MontanaScholarWorks at University of MontanaMax S. Baucus Speeches Archives and Special Collections10-16-2007"Alternative Energy: Global Public Policy andRegulatory Challenges", Goldman SachsSymposiumMax S. BaucusLet us know how access to this document benefits you.Follow this and additional works at: https://scholarworks.umt.edu/baucus_speechesThis Speech is brought to you for free and open access by the Archives and Special Collections at ScholarWorks at University of Montana. It has beenaccepted for inclusion in Max S. Baucus Speeches by an authorized administrator of ScholarWorks at University of Montana. For more information,please contact scholarworks@mso.umt.edu.Recommended CitationBaucus, Max S., ""Alternative Energy: Global Public Policy and Regulatory Challenges", Goldman Sachs Symposium" (October 16,2007). Max S. Baucus Speeches. 806.https://scholarworks.umt.edu/baucus_speeches/806Printing, Graphics & Direct MailDocument ArchivingIndexing FormSenator * or Department*: BAUCUSInstructions:Prepare one form for insertion at the beginning of each record series.Prepare and insert additional forms at points that you want to index.For example: at the beginning of a new folder, briefing book, topic, project, or date sequence.Record Type*: SpeechesMONTH/YEAR of Records*: October-2007(Example: JANUARY-2003)(1) Subject*: Energy(select subject from controlled vocabulary, if your office has one)(2) Subject* noneDOCUMENT DATE*: 10/19/2007(Example: 01/12/1 966)* "required information"CLICK TO PRINTI!111111111 1 1111BAUCUSAlternative Energy: Global Public Policy and Regulatory ChallengesGoldman Sachs SymposiumWelcoming Remarks - Senator Max BaucusOctober 19, 2007Good morning everyone. And thank you Estaand Goldman Sachs for organizing today'ssymposium on alternative energy.The Book of Ecclesiastes spoke of cycleswithout end. The Preacher wrote:"All streams flow into the sea, yet thesea is never full. To the place the streamscome from, there they return again."IFor about a century, our economy hasdepended on flows of oil and coal. And sinceWorld War 11, natural gas flows have joined ourenergy streams.But can we continue to rely on these energystreams for the next century? Can we continue toreturn again and again to the same sources?I think the answer is "No."The cost of energy will profoundly affectAmerica's competitiveness. As the Chinese andIndian economies grow, so will their demand forenergy. And that will add further upward pressureto energy prices.2We must address the issue of energysecurity. It is imprudent to rely so heavily onenergy flows from unstable Middle Easternsources.And global climate change also demands thatwe take a fresh look at our sources of energy. Wemust keep an eye on the effect that new energydevelopment will have on greenhouse gasemissions and global warming.To meet these energy challenges, we needenergy research. We have the greatest researchscientists on the planet. And we have the mosttechnically-talented workforce in the world.3We need government policies that will help.That is why I sponsored the Energy Research Actof 2007. Important elements of that bill weresigned into law in August.We created the Advanced Research ProjectsAgency for Energy, or ARPA-E, a new energyresearch agency to help our nation to face thechallenges of a competitive global economy.ARPA-E will be responsible for conceiving,researching, and building new technologies tobreak America's dependence on foreign oil.4Exciting things are happening in solar power,nanotechnology, energy-efficient materials,biomass, and green buildings. These are allpossible directions for our Nation's energy future.But we need a more aggressive and focusedresearch and development effort to push thesealternatives.In addition to research, we also needincentives to develop alternative energies andfoster renewable sources of energy to which wecan return again and again.5The Finance Committee took action to thatend in June by reporting a bill that made acommitment to clean energy and renewable fuels.Our bill extended existing tax incentives for solarpower, wind power, fuel cells, and energy-efficienthomes and buildings. Our bill provided a taxincentive for transmission projects related torenewable energy projects. And our bill providedmore than $1 billion for renewable energy bonds.6We also extended the energy frontier in threecritical areas: cellulosic ethanol, hybrid cars, andcarbon sequestration. These incentives arecritical to the development of infrastructure for acarbon-constrained economy. There's not a priceon carbon yet, but there will be. And we shouldlearn from the lessons of our first venture intocap-and-trade.I was proud to help write the first system ofmarketable permits to reduce acid rain. Thatsystem passed as part of the Clean Air ActAmendments. It regulated nitrogen oxides andsulfur dioxide. That system worked, and shouldserve as a model for a carbon-control system.7In June, our energy tax bill did not muster the60 votes that it needed to get included in thelarger energy policy bill. But I am working withmy Colleagues to get these vital provisionsincluded in a final energy bill. And I expect thatjoint product to come to the Senate floor beforelong.Emerging markets for alternative andrenewable energy present exciting opportunitiesfor America to break out of our oil dependence,tackle the global warming challenge, and providea secure and cleaner energy future forgenerations to come.8Today's symposium will inform us on ways tomeet this alternative energy challenge. Again, Iwant to thank Goldman Sachs and today'sspeakers for having the foresight to address theissue and provide us with their expertise andinsights.Let us work together to find new streams ofenergy for the growing world economy. Let usdiscuss renewable sources to which we canreturn again and again. And let us work toward abright energy future that is truly without end.9Alternative Energy: Global Public Policy and Regulatory ChallengesGoldman Sachs SymposiumWelcoming Remarks - Senator Max BaucusOctober 19, 2007Good morning everyone. And thank you Estaand Goldman Sachs for organizing today'ssymposium on alternative energy.The Book of Ecclesiastes spoke of cycleswithout end. The Preacher wrote:"All streams flow into the sea, yet thesea is never full. To the place the streamscome from, there they return again."1For about a century, our economy hasdepended on flows of oil and coal. And sinceWorld War 11, natural gas flows have joined ourenergy streams.But can we continue to rely on these energystreams for the next century? Can we continue toreturn again and again to the same sources?I think the answer is "No."The cost of energy will profoundly affectAmerica's competitiveness. As the Chinese andIndian economies grow, so will their demand forenergy. And that will add further upward pressureto energy prices.2We must address the issue of energysecurity. It is imprudent to rely so heavily onenergy flows from unstable Middle Easternsources.And global climate change also demands thatwe take a fresh look at our sources of energy. Wemust keep an eye on the effect that new energydevelopment will have on greenhouse gasemissions and global warming.To meet these energy challenges, we needenergy research. We have the greatest researchscientists on the planet. And we have the mosttechnically-talented workforce in the world.3We need government policies that will help.That is why I sponsored the Energy Research Actof 2007. Important elements of that bill weresigned into law in August.We created the Advanced Research ProjectsAgency for Energy, or ARPA-E, a new energyresearch agency to help our nation to face thechallenges of a competitive global economy.ARPA-E will be responsible for conceiving,researching, and building new technologies tobreak America's dependence on foreign oil.4Exciting things are happening in solar power,nanotechnology, energy-efficient materials,biomass, and green buildings. These are allpossible directions for our Nation's energy future.But we need a more aggressive and focusedresearch and development effort to push thesealternatives.In addition to research, we also needincentives to develop alternative energies andfoster renewable sources of energy to which wecan return again and again.5The Finance Committee took action to thatend in June by reporting a bill that made acommitment to clean energy and renewable fuels.Our bill extended existing tax incentives for solarpower, wind power, fuel cells, and energy-efficienthomes and buildings. Our bill provided a taxincentive for transmission projects related torenewable energy projects. And our bill providedmore than $1 billion for renewable energy bonds.6We also extended the energy frontier in threecritical areas: cellulosic ethanol, hybrid cars, andcarbon sequestration. These incentives arecritical to the development of infrastructure for acarbon-constrained economy. There's not a priceon carbon yet, but there will be. And we shouldlearn from the lessons of our first venture intocap-and-trade.I was proud to help write the first system ofmarketable permits to reduce acid rain. Thatsystem passed as part of the Clean Air ActAmendments. It regulated nitrogen oxides andsulfur dioxide. That system worked, and shouldserve as a model for a carbon-control system.7In June, our energy tax bill did not muster the60 votes that it needed to get included in thelarger energy policy bill. But I am working withmy Colleagues to get these vital provisionsincluded in a final energy bill. And I expect thatjoint product to come to the Senate floor beforelong.Emerging markets for alternative andrenewable energy present exciting opportunitiesfor America to break out of our oil dependence,tackle the global warming challenge, and providea secure and cleaner energy future forgenerations to come.8Today's symposium will inform us on ways tomeet this alternative energy challenge. Again, Iwant to thank Goldman Sachs and today'sspeakers for having the foresight to address theissue and provide us with their expertise andinsights.Let us work together to find new streams ofenergy for the growing world economy. Let usdiscuss renewable sources to which we canreturn again and again. And let us work toward abright energy future that is truly without end.9

Alternative Energy: Global Public Policy and Regulatory Challenges , Goldman Sachs Symposium

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Alternative Energy: Global Public Policy and Regulatory Challenges , Goldman Sachs Symposium

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