Here’s a copy of his (unedited) statement notes.
- Good morning, my name is Jeremy Epstein. Senior Associate with Harcourt Brown and Carey, a national firm that specializes in clean energy finance. We have advised on the development of dozens of clean energy related programs, some of which are represented by other speakers here today.
- I’d like to first applaud the EPA and Obama administration in making 111d a reality. Federal action to curb emissions is long overdue. And while the emissions reductions targets proposed by 111d fall short of what our best scientists have called for, it’s a start, and I predict that states not only meet their targets, but find sustained economic benefits and job creation while doing. Such a result will hopefully create momentum for states to go beyond 111d’s mandates.
- Harcourt Brown and Carey particularly supports the provisions of 111d that deal with renewable energy and energy efficiency. If the EPA would like states to reduce energy consumption in a prove and cost effective way, energy efficiency is the way to do it.
- However 111d should include EE requirements rigorous enough to ensure that reductions in electricity use and the resulting emission reductions are real and verifiable. Technology and methodology exists to quantify savings, however, without strong language from the EPA, accurate measurement and verification of these savings across the grid will likely not be a reality.
- Since the stimulus act provided funding for broad scale local energy efficiency in 2010, states and local governments have developed a plethora of proven tools to deploy energy efficiency and renewables to reduce energy consumption. Let’s be sure that 111d builds on that momentum.
- In particular- as a representative of HB&C I wanted to make clear the importance of financing as a tool to ensure states are able to meet their energy efficiency and renewable energy targets. In the past year, we have seen an unprecedented level of capital investment from the private sector into funding clean energy through structured finance products.
- PACE is one example of a state-wide legislation that will enable rapid deployment of capital in order to make energy retrofits a reality in commercial buildings. States have enacted PACE legislation on their own, and with the right guidance provided by 111d, and assistance in bringing other states up to speed, the EPA could help states leverage the development that’s already done to boost local economies while reducing emissions through EE.
- The extent to which implementation of structured financial products could be integrated as part of 111d, or as part of an official toolkit for states, will only help states meet their emissions reduction goals in the most cost effective manner.
- Again, thank you EPA and Obama Administration for taking action on this issue. It’s important to me both as a professional and as a concerned citizen.