“Working people will lose out if our state sits on the sidelines of green innovation,” says Phil Neuenfeldt, Wisconsin State AFL-CIO Secretary-Treasurer. “Many Wisconsin manufacturers want to invest in energy efficiency technologies, but they don’t have the means to get started. The Green to Gold fund will help launch a more sustainable economy.”
Green to Gold is a revolving loan fund which will align existing state resources and federal dollars to ensure that Wisconsin’s manufacturers have the capital they need to invest in energy efficiency, use renewable energy, and make products that support a green economy.
Reducing energy costs through efficiency makes manufacturers more competitive and profitable by lowering their production costs. Retooling old facilities to higher energy standards is essential for long-term economic recovery.
“Wisconsin’s workforce is a tremendous asset in the global economy. Productivity, skill and quality set us apart, and will continue to do so as long as we make the investments needed to stay ahead,” says Neuenfeldt. “The Green to Gold fund will make sure that both our natural and our human resources are employed wisely.”
The Green to Gold fund is an important part of the Wisconsin State AFL-CIO’s Good Jobs Agenda, because the legislation contains provisions to ensure that high-quality, local jobs will be created by the energy efficiency work funded by the loans. Here are some of the other highlights of the proposed bill:
- Creates a one-stop shop for manufacturers by streamlining federal dollars, existing and future state resources to help industrial manufacturers find savings through energy efficiency projects.
- Provides manufacturers with low-interest loans to achieve savings through energy efficiency projects.
- Utilizes a revolving fund model so that interest and principal payments on old loans can be used to issue new loans, providing predictability and sustainability to Wisconsin’s manufacturers.
- Positions Wisconsin as an early adopter of the proposed federal IMPACT (Investments for Manufacturing Progress and Clean Technology) program, increasing Wisconsin’s chances of securing new federal dollars that can further support the Green to Gold’s efforts.
- Prioritizes existing Wisconsin manufacturing businesses, and the fund will be administered in a way that ensures that the loans are distributed throughout the state.
Companies eligible for Green to Gold assistance include those that:
- Implement energy efficiency or renewable energy measures in their facilities to enhance their competitiveness;
- Retool their existing facilities to manufacture products that support the green economy;
- Expand or establish domestic clean energy manufacturing operations; and
- Create or retain jobs in any of the above activities.
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