The Obama administration’s track record with taxpayer-funded, green-tech subsidies is severely flawed, and according to new documents obtained by CBS News, its failures were all too predictable. The Energy Department's $535-million loan guarantee to Solyndra is, at least publicly, its most illustrious investment blunder, as the company went bankrupt last year leaving taxpayers with a hefty bill and putting more than 1,000 employees out of work.
A failed southeast Georgia ethanol factory was sold Tuesday for pennies on the dollar after squandering tens of millions in federal and state tax dollars. Range Fuels, a bankrupt U.S. cellulosic ethanol company, sold its only factory, located in Soperton, Georgia, to LanzaTech, a biofuel company based in New Zealand.
General Motors will buy Chevrolet Volts back from any owner who worries that their plug-in electric car will catch fire, the company’s CEO told the Associated Press in an interview Thursday. CEO Dan Akerson maintained that the vehicles are safe, but said GM is offering the buyback to ensure customer loyalty. The new offer expands a company offer made Monday to grant loaner cars to any owners fearful of their Volts catching fire.
After a cluster of disconcerting e-mails and documents surfaced last week from climate scientists associated with the "Climategate" scandal of 2009, it was reported Sunday that top British Broadcasting Corporation (BBC) executives sought advice from Britain’s leading green activist research center. Released on November 22, the leaked e-mails and documents reveal climate "experts" collaborating to plot devious schemes to further their global-warming agenda.
Former employees of the defunct solar company Solyndra are now eligible for a combined $14.3 million in federal aid, the Labor Department announced Monday. Approved through the Trade Adjustment Assistance (TAA) program, the 1,100 employees who were laid off after Solyndra went belly up in late August are set to receive payments of about $13,000 each, which will be tacked on to the $535 million in loan guarantees that taxpayers are already on the hook for.
In contesting a federal effort to propel Washington’s environmental agenda, House Republicans nixed a congressional proposal to establish a new government program called the National Climate Service. Part of the National Oceanic and Atmospheric Administration (NOAA), and akin to the agency’s National Weather Service (NWS), the proposed division has been hailed by congressional Democrats as an essential federal service that would help inform farmers, insurance companies, and the general public of projected weather patterns. The central idea, Democrats and NOAA officials note, is that while the NWS provides short-term weather conditions, the National Climate Service would concurrently provide long-term projections of future climate-related events.
United Nations Secretary General Ban Ki-moon (left) called on world leaders Monday to collaborate in financing a multibillion-dollar fund to combat global warming. Speaking at a conference in Bangladesh’s capital, Mr. Ban said global efforts must be taken to establish a $100 billion Green Climate Fund dedicated to taming the "damaging" effects of climate change, and that the global economic crisis should not hinder such efforts.
TransCanada’s much anticipated Keystone XL oil pipeline will endure further delay as the State Department announced Thursday a plan to reroute the pipeline away from certain areas that critics claim are "environmentally sensitive."
As an investigation unfolds over a controversial U.S. Department of Energy (DOE) loan guarantee program, another "green" loan recipient lingers at the brink of financial collapse. Massachusetts energy firm Beacon Power Corporation, which develops "flywheel-based" energy storage systems, filed for bankruptcy Sunday after receiving a $43 million Energy Department loan guarantee in August 2010 — only months after taxpayers were put on the hook for a $535 million loan guarantee granted to the now-defunct solar energy company Solyndra.
House Committee on Oversight and Government Reform Chairman Rep. Darrell Issa (R-Calif.) is probing a $730 million conditional loan commitment to Severstal, a Russian company operating mainly in the steel and mining industry. Writing to Energy Secretary Steven Chu, the California Congressman questioned whether Severstal North America, a subsidiary of the powerhouse Russian manufacturer, should benefit from public financing to improve and expand facilities in Dearborn, Michigan.