Banks help fund the vast majority of renewable energy projects through tax equity investments, which allow the banks to benefit from federal tax credits for renewable energy.
Currently, renewable energy draws $18 billion to $20 billion annually through tax equity investments, according to the American Council on Renewable Energy.
"Many people joke that we're on the 'solar-coaster,'" Torres said about the ups and downs of renewable energy.
The higher capital requirements for renewable energy projects in Basel III puts the regulation on a collision course with the Biden administration's push for cleaner and greener energy sources.
"The clean energy industry's experience with tax equity investments does not warrant such a radical change," the group's letter read.
Persons:
Julian Torres, Torres, he's, Banks, Jerome Powell, Biden, Dominic Lacy, Sean Casten
Organizations:
D.C, Gallaudet University, Washington , D.C, Gallaudet, Federal Reserve, FDIC, American Council, Renewable Energy, Basel III, Tesla, American Bankers Association, Bank, Institute, Clean Energy State Alliance
Locations:
Washington ,, Basel