Today’s letter from the Portland Business Alliance regarding the Portland Clean Energy Fund (PCEF) is a disingenuous attempt to prevent the wealthiest corporations in Portland from investing a small portion of their windfall profits in Black, Indigenous, and Communities of Color. The vision behind PCEF was to directly invest in those who are first impacted, worst impacted, and least resourced to manage the increasingly catastrophic, existential threat of climate change. These are also the same communities hit hardest by the COVID-19 pandemic.
Prior to over 65% of Portland voters approving the Portland Clean Energy Fund, the Director of Finance for the City of Portland estimated this fund would bring in around $30 million. There was a plan to build the program based on that assessment.
During my first year on Council, it became clear there were some unintended consequences with revenue collection, such as taxing construction when we need to rapidly build more housing. Mayor Wheeler and I worked with the PCEF coalition and Portland Business Alliance to reach a resolution on exemptions. That was the kind of partnership and collaboration I expected moving forward from Portland Business Alliance, but instead we now have an opportunistic attempt to sabotage one of the most innovative new programs in the country after it received its first ever audit.
After making those exemptions, we later learned that the revenue forecast for PCEF exceeded original expectations due to the skyrocketing profits of the wealthiest corporations during this pandemic. Recently an audit highlighted common issues with new start up programs, with the Auditor stating to OPB that, “What you’re seeing is something that should be expected.” The audit provided recommendations for improvement that I agree with. I know Council and the PCEF Committee are up to the task of getting this right and we are working to make sure systems are in place to help with this unanticipated extra revenue. This additional revenue provides exciting new opportunities for further community investments and creating a new green economy. Overall PCEF leadership has done a great job with the challenging task of creating a groundbreaking new City program from scratch.
Let’s be clear, the Portland Business Alliance campaigned against this ballot measure and has always been out of step with Portland voters when it comes to supporting the Portland Clean Energy Fund. For them to use the first ever audit of a new program to call for repeal just reinforces that this is an idea they never supported. They are trying to prevent our wealthiest corporations from contributing just a small portion of their profits to invest in the self determination of BIPOC communities and to create new green jobs.
Council will be responding to the recommendations outlined in the recent audit and we are willing to work with anyone that is seriously interested in solutions. I had hoped that after seeing such strong support from Portland voters for the Portland Clean Energy Fund that the Portland Business Alliance would be an ally to BIPOC communities in the face of climate change. I hope they will reconsider their position so they can be a part of helping Portland lead the country when it comes to local climate resilience and creating new green jobs.