February 5 , 2007

A Word from Zach Wamp

Advancing renewable energy

The nexus between national security, energy independence and our natural environment is the most important policy issue we face as a nation as we look ahead to the next generation. When the Energy Policy Act (EPACT) of 2005 was signed into law, it introduced much needed tax incentives for renewable energy and energy efficiency. Those tax credits were only set to last two years and will expire in July 2007. Congress must extend these tax credits for at least five years and add incentives for domestic renewable energy production and consumption for the future. Time is running out and we must have a serious, honest discussion as a nation.

The stars are now increasingly aligned in our country on the alternative fuels frontier. Renewable energy is politically important to the new Democratic majority in Congress. The president has repeatedly highlighted this issue of national importance. Forward-thinking Republicans and I have worked for years to bring about change. As we fight against the radicals in the Middle East, it is against our security interests to remain reliant on the region for more than half of our oil.

Congress will reauthorize the five-year farm bill in the coming months. In the past, the farm bill has not included a high-quality energy policy, but this year, the Chairman of the Agriculture Committee in the House created a subcommittee dedicated entirely to energy. The upcoming farm bill will contain an energy title that offers incentives for crop producers to move toward feed stock for fuels and help move us away from oil. U.S. agriculture will grow, as will the production of ethanol and other renewable energy sources. 

We also need a follow-up energy bill to EPACT 2005. If the farm bill encourages production of alternative fuels, the EPACT follow-up bill to push industry to take what it produces to the marketplace. All production tax credits must last for at least five years so that we can truly move toward energy independence by incentivizing those needed investments in the private sector.

We will be able to move quickly away from Middle Eastern and Venezuelan oil and toward domestic production and consumption if we act now. There is an imminent challenge and opportunity to forge ahead in a truly bipartisan way to keep America on the cutting edge. Time is of the essence to execute this strategy and reap the benefits for the environment, the economy, and our homeland security.