New Legislation To Weaken Ohio’s Renewable Portfolio
Dailycsr.com – 27 April 2019 – On April 12, 2019, Ohio Legislature introduced a new legislation provision, which has met with opposition from the major investors as well as companies from Ohio, as they claim that the addition would “weaken” the renewable portfolio of the state besides brining down its “energy efficiency resource standard”.
The above mentioned provision is part of a “larger package” which votes for bailing out the “aging nuclear plants” of the state, while as a requirement under the new additional all “classes of customers” will have to satisfy a “lengthy list of requirements in order” to choose to participate in “both the state’s Renewable Portfolio and Energy Efficiency Resource Standards”.
In Buckeye State has received strong support from 2015 for retaining “strong clean energy standards”, wherein companies, institutions, employers and investors alike joined in including “the Cleveland Clinic, Mercy Health, Gap, Nestle and many others”. However, the unwavering support from the corporate community did not change the lawmakers’ mind to introduce “numerous bills in the last four years” which apparently weakens and eventually dismantles the standards in place.
This movement has generated uncertainties among investors as well as companies who wants to put their money in Ohio’s “renewable and energy efficiency technologies”. While, the Clif Bar & Co.’s Vice-President of Environmental Stewardship, Elysa Hammond said:
“As a company of people who love the outdoors, we know that clean, renewable energy is crucial to protecting the Ohio’s air and water, and to supporting the health of its citizens. Investing in clean energy like wind and solar also provides bottom-line benefits to our business and the overall economy. We have long supported Ohio’s renewable energy and energy efficiency standards as a way to spur innovation and investment in the Buckeye State. We urge lawmakers to keep the standards strong.”
In the words of the Executive Director of “Friends Fiduciary Corporation”, Jeff Perkins:
“We urge Ohio lawmakers to heed the call of the business community to protect the state’s clean energy standards. Forward-thinking clean energy policies are essential for growing the state’s economy and creating jobs. Ohio must maintain their current standards if they are to capture the benefits of clean energy and position the Buckeye State for future economic success.”
Moreover, the Senior Vice-President of Sustainability for JLL, Cynthia Curtis also shared her views about supporting the renewable energy standards:
“As a real estate management firm, JLL understands firsthand the value of clean energy as a way to reduce costs and improve energy price predictability, both in our own operations and for the clients we serve. Encouraging renewable energy investment and energy efficiency programs and projects will benefit Ohio businesses and residents alike. That is why we support Ohio’s renewable energy and energy efficiency standards.”
Similarly, Megan Villarreal from Nestle’s Public Affairs stated
“Nestle is committed to procuring 100 percent of its resources from competitively procured clean energy resources. We rely on clean energy resources, such as wind, solar, and efficiency to help us reduce energy costs, avoid volatility of fossil fuel prices, and stay competitive. In order for Nestle to maintain and enhance our commitment to these goals, we encourage Ohio's lawmakers to maintain renewable and efficiency standards, which allow us to rely on the power of markets to meet our needs more efficiently and cost-effectively. Nestle believes that all these clean energy resources are key to ensure a thriving economy and healthier future for all Ohioans.”
In fact, supporting the current standards, the Shareholder Advocacy’s Vice-President of Trillium Asset Management, Brianna Murphy said:
“As a firm that manages more than $2 billion in assets, we see renewable energy and energy efficiency as essential to Ohio’s long-term economic success. The current standards help to spur private investments, save businesses and consumers money, and create jobs in the state’s growing clean energy economy. We firmly oppose efforts to weaken the state’s clean energy standards.”
In an attempt to reduce the energy costs, maintain the competitive balance and keep fuel price volatility at bay, various companies of Ohio are looking for investment opportunities in clean energy sector. While, Ceres’ Vice-President of Government Relation, Anne Kelly added:
“We are pleased to see that the Ohio Legislature is bringing energy to the forefront of their policy agenda this year. Ceres looks forward to working with the governor and with lawmakers on both sides of the aisle as we continue to make the economic and business case for clean energy in Ohio. Given the business community’s long history of strong support for clean energy, we hope that Ohio lawmakers will look for ways to encourage investment in this growing sector of the economy.”
References:
3blmedia.com
The above mentioned provision is part of a “larger package” which votes for bailing out the “aging nuclear plants” of the state, while as a requirement under the new additional all “classes of customers” will have to satisfy a “lengthy list of requirements in order” to choose to participate in “both the state’s Renewable Portfolio and Energy Efficiency Resource Standards”.
In Buckeye State has received strong support from 2015 for retaining “strong clean energy standards”, wherein companies, institutions, employers and investors alike joined in including “the Cleveland Clinic, Mercy Health, Gap, Nestle and many others”. However, the unwavering support from the corporate community did not change the lawmakers’ mind to introduce “numerous bills in the last four years” which apparently weakens and eventually dismantles the standards in place.
This movement has generated uncertainties among investors as well as companies who wants to put their money in Ohio’s “renewable and energy efficiency technologies”. While, the Clif Bar & Co.’s Vice-President of Environmental Stewardship, Elysa Hammond said:
“As a company of people who love the outdoors, we know that clean, renewable energy is crucial to protecting the Ohio’s air and water, and to supporting the health of its citizens. Investing in clean energy like wind and solar also provides bottom-line benefits to our business and the overall economy. We have long supported Ohio’s renewable energy and energy efficiency standards as a way to spur innovation and investment in the Buckeye State. We urge lawmakers to keep the standards strong.”
In the words of the Executive Director of “Friends Fiduciary Corporation”, Jeff Perkins:
“We urge Ohio lawmakers to heed the call of the business community to protect the state’s clean energy standards. Forward-thinking clean energy policies are essential for growing the state’s economy and creating jobs. Ohio must maintain their current standards if they are to capture the benefits of clean energy and position the Buckeye State for future economic success.”
Moreover, the Senior Vice-President of Sustainability for JLL, Cynthia Curtis also shared her views about supporting the renewable energy standards:
“As a real estate management firm, JLL understands firsthand the value of clean energy as a way to reduce costs and improve energy price predictability, both in our own operations and for the clients we serve. Encouraging renewable energy investment and energy efficiency programs and projects will benefit Ohio businesses and residents alike. That is why we support Ohio’s renewable energy and energy efficiency standards.”
Similarly, Megan Villarreal from Nestle’s Public Affairs stated
“Nestle is committed to procuring 100 percent of its resources from competitively procured clean energy resources. We rely on clean energy resources, such as wind, solar, and efficiency to help us reduce energy costs, avoid volatility of fossil fuel prices, and stay competitive. In order for Nestle to maintain and enhance our commitment to these goals, we encourage Ohio's lawmakers to maintain renewable and efficiency standards, which allow us to rely on the power of markets to meet our needs more efficiently and cost-effectively. Nestle believes that all these clean energy resources are key to ensure a thriving economy and healthier future for all Ohioans.”
In fact, supporting the current standards, the Shareholder Advocacy’s Vice-President of Trillium Asset Management, Brianna Murphy said:
“As a firm that manages more than $2 billion in assets, we see renewable energy and energy efficiency as essential to Ohio’s long-term economic success. The current standards help to spur private investments, save businesses and consumers money, and create jobs in the state’s growing clean energy economy. We firmly oppose efforts to weaken the state’s clean energy standards.”
In an attempt to reduce the energy costs, maintain the competitive balance and keep fuel price volatility at bay, various companies of Ohio are looking for investment opportunities in clean energy sector. While, Ceres’ Vice-President of Government Relation, Anne Kelly added:
“We are pleased to see that the Ohio Legislature is bringing energy to the forefront of their policy agenda this year. Ceres looks forward to working with the governor and with lawmakers on both sides of the aisle as we continue to make the economic and business case for clean energy in Ohio. Given the business community’s long history of strong support for clean energy, we hope that Ohio lawmakers will look for ways to encourage investment in this growing sector of the economy.”
References:
3blmedia.com
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