Findings

Congress finds the following: (1) Potential exists for increasing clean and renewable energy production and energy efficiency installation in the United States. (2) Other nations, including China and Germany, are ahead of the United States in manufacturing and deploying various clean energy technologies, even though many of these technologies were invented in the United States. (3) Climate change represents an existential threat to the safety, security, and economy of the United States. Rapid and robust deployment of clean energy will reduce greenhouse gas emissions and mitigate the effects of climate change on American society. (4) Many segments of the American public want to take charge of efforts to combat the effects of climate change and practice responsible consumer behavior. (5) The Office of Energy Efficiency and Renewable Energy of the Department of Energy (referred to in this section as the EERE) estimates that taxpayer investment of $12,000,000,000 into the EERE research and development portfolio has already yielded an estimated net economic benefit to the United States of more than $230,000,000,000, with an overall annual return on investment of more than 20 percent. (6) Investments in renewable energy and energy efficiency projects in the United States create green jobs throughout the Nation. New and innovative jobs could be created through expanded government support for clean energy and energy efficiency. (7) As Americans choose energy efficiency and clean energy and transportation, it reduces our dependence on foreign oil and improves our energy security. (8) Bonds are a low-cost method for encouraging clean energy, as they do not require direct budget allocations or expenditures. The projects supported through Clean Energy Victory Bonds will create jobs and business revenues that will increase Federal tax revenues, while simultaneously reducing nationwide health and environmental costs incurred by the Federal Government. (9) Bonds are voluntary measures that allow Americans to contribute financially in whatever amount is available to them. (10) During World War II, over 80 percent of American households purchased Victory Bonds to support the war effort, raising over $185,000,000,000, or over $2,000,000,000,000 in today’s dollars.