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Webinar: Build Back Better: Shaping the U.S. Stimulus Package for Infrastructure
The document discusses the potential legislative responses to the COVID-19 pandemic, highlighting various stimulus packages and their economic implications, particularly in clean energy and infrastructure. Key proposals include significant investments in smart grid technology, retrofitting homes, and promoting public transportation, which are intended to create job opportunities and stimulate economic growth. It also emphasizes lessons learned from past recovery acts to inform future initiatives for sustainable development and infrastructure resilience.
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Webinar: Build Back Better: Shaping the U.S. Stimulus Package for Infrastructure
- 2. What will Congressdo next? US COVID-19 Impact • > 14,200 deaths as of 5 pm, 4/8/2020 • > 10 million applications for unemployment benefits Response • COVID-1: $8 Billion for prevention, testing & treatment • COVID-2: $192 Billion; paid sick leave mandate • COVID-3: > $2 Trillion in direct payments to individuals, small business, states; $46 Billion industry-specific loans • COVID-4: ? • COVID-5: ?
- 3. The 2009 RecoveryAct was the largest clean energy investment in US History, and a job creator Council of Economic Advisors, 2010 0 50000 100000 150000 200000 250000 Other Clean Energy Equipment Manufacturing Carbon Capture and Sequestration Green Innovation and Job Training Advanced Vehicles and Fuels Technologies Grid Modernization Traditional Transit and High-Speed Rail Energy Efficiency Renewable Generation Job-years supported, 2009-2012 Jobs Supported by the 2009 American Recovery and Reinvestment Act
- 4. Job Growth: 2015-2019 7% 19% 25% 49% PrivateSector Solar Energy Efficiency Wind
- 5. BUILD BACK BETTER:Shaping The U.S. Stimulus Package For Infrastructure Moderator: Dan Lashof, U.S. Director, World Resources Institute Panel: Devashree Saha, Senior Associate, World Resources Institute Richard Kauffman, Chairman, New York State Energy Research and Development Authority (NYSERDA) Cathy Zoi, CEO, EVGo Chris Castro, Director, Office of Sustainability & Resilience, City of Orlando Audience Q&A To submit a question, please select the Q&A button on the Zoom taskbar.
- 6. BUILD BACK BETTER:Shaping The U.S. Stimulus Package For Infrastructure Devashree Saha, Senior Associate, World Resources Institute
- 7. BUILDING EFFICIENCY $1 million investmentcreates approximately 8 full- time jobs in energy efficiency, nearly 3 times the number of jobs created in fossil fuel sector.
- 8. SMART GRID Every $1invested in modernizing transmission infrastructure creates $2.40 in economic benefits.
- 9. ZERO EMISSION PUBLICTRANSIT Every $1 invested in public transportation creates $4 of economic activity in the community.
- 10. TREE RESTORATION Every $1on tree restoration projects generates between $1.60 and $2.60 of economic activity, primarily in rural areas.
- 11. Richard Kauffman, Chairman,New York State Energy Research and Development Authority (NYSERDA); Adjunct Senior Research Scholar, Columbia Center on Global Energy Policy, Columbia University
- 12. THREE “LESS THANBEST” AND BEST LESSONS FROM ARRA LESS THAN BEST • Funds spent like peanut butter • Funds spent out of Washington • Funding of piers, not bridges BEST • Funds spent on deployment • Funds spent through the States • Leveraging public dollars
- 13. THREE IDEAS THATBUILD ON THESE LESSONS 1) Make a major capital commitment to the smart grid • $100 billion (around 20% of required amount) • Enough deployment to demonstrate customer benefits (2X - 4X) • Self-sustaining funding by utilities and state regulators thereafter 2) Provide Treasury grants and loans to State and Municipal Green Banks for clean energy project deployment • $10 billion • NYS experience: public dollars leveraged more than 3X • Variety of jobs - installation, construction, service, and manufacturing
- 14. 3) Make amajor commitment to retrofitting 22 million multi- family homes • $3 billion will establish national industry to manufacture and install net zero retrofits for 400,000 units • Manufactured components to be installed rapidly onsite (exterior panels, windows, modular HVAC) • Homes will be highly energy efficient, healthier and more comfortable • Funds will aggregate demand, create challenge grants to manufacturers and provide project incentives (declining to achieve cost parity with traditional retrofits) • Funds will be leveraged ~5X with private capital • After 5 years: cost effective solutions no more incentives needed rapid scaling to entire national multifamily market THREE IDEAS THAT BUILD ON THESE LESSONS
- 15. Proprietary and Confidential- Do not Distribute 15 Market Transformation to Clean Energy Technology Adoption Curve Addressing Climate Change Acceleration is Essential Policy-induced acceleration yields tremendous results: Experience curve cost declines in solar, wind, batteries and lighting in last 10 years Graph courtesy of “Seven Challenges for Energy Energy Transformation”, RMI, 2020.
- 16. Proprietary and Confidential- Do not Distribute TAX INCENTIVES AND PENALTIES COMPETITIVE COMMERCIALIZATION GRANTS AND LOANS TARGETS, STANDARDS, AND CODES INFORMATION AND MARKETING 16 Energy Policy Tools Policy Tools Applied to Energy During ARRA (and beyond)
- 17. Proprietary and Confidential- Do not Distribute 17 3 Must-Haves to Build Back Better 1) Ubiquitous EV Charging Infrastructure 2) New Housing Supply Built Sustainably 3) Public/Private Partnerships By 2025 need 45,000 DC fast chargers and >500,000 L2s* Freddie Mac: US housing market undersupplied by 3.3 million units Government money offers leverage for private capital State governments effective partners with private sector Source: Bloomberg New Energy Finance, Electric Vehicle Outlook 2019 * Source: AFDC, ICCT, Experian, EVgo
- 18. ORLANDO: SUSTAINABLE &RESILIENT Solutions from the most visited city in America Chris Castro, LEED GA, CPB Director, Office of Sustainability & Resilience City of Orlando
- 19. • Opportunity: RevitalizeEECBG to spur building EE retrofits and modernization • Invested $1.75M in ARRA EECBG funding to retrofit City buildings • Led to Mandatory LEED Silver buildings for City-owned buildings • Led to $17.5M municipal green bond in 2016-2020 Municipal Building Energy Efficiency
- 20. Ecosystem of policiesand programs for EE • Opportunity: create market transformation for energy efficiency in buildings • Enabled Building Benchmarking & Transparency • Enabled energy financing programs • Invested in workforce development programs and training with local colleges and universities
- 21. 21 Green, Affordable HousingDevelopment • Opportunity: Promote healthy, efficient, and affordable housing • Incorporate green building requirements for CDBG, SHIP, and HOME funding • Target highest ‘burdened’ neighborhoods
- 22.
- 23. Opportunity: Restore andextend tax credits for renewable energy and energy storage projects • Solar is one of the fastest growing jobs in Florida (and 12+ states) in 2018 and 2019 • Over 4GW of potential solar capacity on rooftops in Orlando • SolSmart GOLD – streamlined permitting • Help spur creative “Solar Coop” programs to accelerate RE adoption • Expand RD&D for clean tech innovations (e.g. UCF Megawatt Ventures Program) City-wide Renewable Energy
- 24. EV-Readiness • Opportunity: Restoreand Expand EV charging infrastructure in Cities and EV tax credit • Over 400 public EV charging ports in Orlando • 179 EV & Hybrid in City Fleet • EV utility rebate • Electric buses with LYNX transit • Drive Electric Orlando rental car program (http://pluginperks.com)