The Energy sector is changing very rapidly. We are witnessing electrification of the auto industry and a renewable energy revolution with wind and solar leading the way. As these trends continue, natural gas will serve as an important bridge fuel that the world economies will use to meet the rising demand for electricity generation, and we should make sure it is Alaska’s natural gas that generates electricity for electric cars in US and across Asia.
It has long been a goal of many Alaskan administrations to develop Alaska’s natural gas which would serve to diversify Alaska’s energy sector, create thousands of jobs and ultimately reduce the effects of climate change by providing an economic alternative to coal for US and Asian economies. The cost of the Alaska Gas Pipeline and LNG plant is estimated at 40 to 60 billion making development unlikely without congressional action that promotes capital investment in these types of projects.
There are over two trillion dollars in corporate offshore accounts, which would be subject to U.S. taxation if repatriated. Corporations are unlikely to invest this capital in the U.S. if it is to be taxed. To combat the effects of climate change, to promote economic growth, and to promote renewable energy in Alaska and across the country, Congress should create legislation that allows for formation of a Clean Energy Bank, which can be capitalized by private offshore corporate contributions with no tax on repatriation of income.
The Clean Energy Bank would be responsible for providing financing to clean energy development in solar, wind, tidal and natural gas, while at the same time providing a return to investors. This legislation would have support from both parties in congress as it stimulates economic growth, does not require a tax increase, and brings billions of dollars to each state for clean energy development.
As a nation we are facing problems that require outside the box thinking and creative solutions. As an inventor and a business owner, I solve difficult problems every day. I will bring the same innovative spirit with me to Congress and work tirelessly to create legislation that moves our state towards affordable renewable energy, while at the same time developing our natural gas resources.
Countries and states that make the investment in clean and renewable energy will prosper economically and will achieve a substantial competitive advantage in the global economy. We owe it to ourselves and the future generation to make this investment.