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 willincrease 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’scommitment to clean tech investment. Between 2005 and 2009, Californiaclean tech firms received $9 billion in venture capital funds. By thesecond 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 energyproviders that California wants them here. He predicts that "they willrespond, as they have in the past, with billions of dollars ininvestments that will provide jobs and tax revenues."
Thislandmark legislation, which was attempted in each of the past twosessions, 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 energyportfolio.
Applied Materials will continue with energy efficiency as a cornerstone of our work as it has been for the past forty years, creating solutions that help makeelectronic innovations like flat panel TVs, smart phones and powerfulcomputers both possible and affordable. We will continue applying thissame capability to help our customers make solar power more accessible to everyone, everywhere.