Fiscal cliff deal contains hidden win for climate lobby

Fiscal cliff deal contains hidden win for climate lobby

In the midst of this week’s fiscal cliff hullabaloo, with tax hikes for many Americans, tax breaks for Big Oil, and a superstorm of righteous outrage over withheld storm aid, you’d be forgiven for not noticing the climate win that slipped in at the eleventh hour: a long-awaited extension of the wind energy Production Tax Credit, a federal incentive that has for many years been the bread and butter of the wind industry, providing $1 billion each year to keep wind competitive against heavily-subsidized fossil fuels.

Despite being a record-setting year for wind installations, 2012 was a nail-biter for many in the industry, who feared Congress would axe the credit and send the industry from boom to bust, as has happened several times in the past when the credit has not been extended. The industry’s trade group was a clearinghouse for grim prognostications: Some 35,000 jobs lost and up to a ninety-percent drop in wind projects, should the credit not be passed. Even with the extension, the industry’s financial backers were so spooked by last year’s uncertainty that investments are almost sure to fall in 2013.

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