California’s pioneering 33% Renewable Portfolio Standard (RPS) bill, authored by state Sen. Joe Simitian, D-Palo Alto, passed the California Assembly yesterday, sending a measure to Governor Brown’s desk - which he is expected to sign. The new standard will increase the state’s renewable portfolio standard to 33% by 2020.
Replacing Governor Schwarzenegger’s executive order, Simitian’s bill codifies the 33% RPS, sending a stronger message to investors about Californian’s commitment to clean tech investment. Between 2005 and 2009, California clean tech firms received $9 billion in venture capital funds. By the second quarter of 2010 alone, the state received $980 million in funds - the most in the world.
Speaking to this stunning trajectory, Simitian noted that “Senate Bill 2X sends a signal to renewable energy providers that California wants them here. He predicts that “they will respond, as they have in the past, with billions of dollars in investments that will provide jobs and tax revenues.”
This landmark legislation, which was attempted in each of the past two sessions, is a message that will hopefully reverberate nationally. While Congress continually stalls on clean energy, California is leading the way towards building a diverse, clean and resilient energy portfolio.
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