The Wall St. bailout plan has consumed a lot of our nation’s attention recently, as well it should. But in the meantime, H.R. 6049, the Renewable Energy and Job Creation Act of 2008, which was passed by the Senate last week, is on the verge of dying a quiet death.

H.R. 6049 would extend existing tax credits for investment in renewable energy past the end of this year, when they’re currently set to expire. It is vital that Congress pass a bill renewing these credits to ensure that we keep moving towards a renewable energy future and away from the dirty fossil fuels of the past. Equally vital at this point in time is the economic stimulus these tax credits would provide – foreign investment and thousands of new jobs are just what our ailing economy desperately needs rigtht now.

As Van Jones put it this past weekend:

"We can't drill and burn our way out of this economic crisis. We can -- and must -- invest and invent our way out. 600,000 jobs have been lost this year alone. We need to free ourselves from our dependence on foreign oil, and instead invest in jobs in sustainable industries -- wind and solar, among others. Only then will we be able to fight poverty and pollution at the same time."

Unfortunately, the odds of the two houses of the current Congress getting it together and passing this bill are looking slimmer by the day. The House has passed several versions of H.R. 6049, and while it was encouraging to see the Senate vote in its favor last week, it was returned to the House bearing several unwelcome, regressive additions. Specifically, the Senate added provisions that would allow tax credits to promote high-carbon liquid fuels from oil shale, tar sands, and liquid coal. Greenpeace is calling on both the House and the Senate to reach agreement on a bill that does not include these provisions – we don’t need more investment in fuels that would contribute to global warming. We need real solutions, and we need them now!

(There are various sticking points between the House of Representatiaves and the Senate that are preventing passage of a final bill, but I'll spare you the wonky minutiae.)

The economic crisis we’re facing is a dire one, so the 110th Congress will likely stay in the Capitol until they get a bailout package passed. If only they felt such urgency about addressing the global warming crisis. It’s not likely the House will take up H.R. 6049 before adjourning for the Fall, which means the only hope of its passage before the renewable energy tax credits expire on Dec. 31st is a lame duck session after the November elections. It’s not impossible, but neither is it terribly likely. If there is no lame duck session, the credits will definitely expire, as our federal legislators won’t be back at work until the 111th Congress is sworn in next year.

We’ll keep following this story, and we’ll keep you updated.