01 November 2011, 10:12 BST
Rep. Mike Pompeo (R-KS) plans to introduce legislation next week to eliminate all tax incentives for renewable energies, advanced vehicles, and some for oil and nuclear, according to The Hill.
"The Solyndra scandal has demonstrated the danger of government interference in energy markets," he says in a letter he's circulating in the House to gain support for the bill. He calls it a reasonable approach to ending the decades-long practice of government trying to pick winners and losers.
He claims it would save $90 billion over the next decade.
"Changing the tax code to in effect raise taxes on companies creating these American jobs would be a mistake that would cost our economy exactly the sort of manufacturing jobs we need more of today," says Denise Bode, President of the American Wind Energy Association (AWEA).
While most experts believe new industries and technologies need government subsidies until they mature, some do believe that just leveling the playing field by eliminating all subsidies for all energy industries - including fossil fuels - would be just as helpful.
Source: Sustainable Business