Simply making the statement that we have to commitment to 100% renewable energy in 20 years is not enough, we also need to create the mechanisms and institutions that will nurture and develop the industry into a sustainable business.
As previously mentioned, if the cost of converting the country to 100% renewables is more or less on par with what we already spend on our energy consumption then, the matter at hand is not where we find the money since we are already spending it. The task at hand is how do we finance and redistribute it. I do firmly believe in free market capitalism, but I also believe that a primary role of government should be to help guide the market.
The US already has a number of Government Sponsored Enterprises (Fannie Mae, Freddie Mac, Sallie Mae, etc), we need to create a similar program for renewable energy to provide guarantees, capital and liquidity. We need to create and nurture a green energy finance economy. How do we put the vast power of American capital to work for all of our benefit?
We need to create a system where banks can effectively recycle their capital to continually offer financing to wind water and solar projects, nationally and locally.
The desire for and the potential market for renewable energy finance and securitization has been growing by relative leaps and bounds and will continue to do so. An idea that is already well in the works, but needs to be more strongly supported.