With all of the talk of economic stabilization, recession, toxic debt, and presidential debates, green development discussions can get pushed to the curb. However, climate change is a hot topic among the presidential contenders. As part its efforts to address the country's economic situation the House approved H.R. 1424, the Emergency Economic Stabilization Act of 2008 (the Act) on October 3rd. The Senate passed the bill on October 1, 2008. President Bush signed the legislation.   While the purpose of the Act was not "green" legislation, several provisions of the Act, especially those relating to bond development, were included and further green development opportunities. As summarized by the National Association of Bond Lawyers the provisions include:

• Another $400 million in Qualified Zone Academy Bonds (QZABs) authority for 2008 and 2009;
• $800 million in new Clean Renewable Energy Bonds (CREBs) authority and extension of the termination date for existing CREBs by one year;
• Extension and modification of the authority to issue Green Building and Sustainable Design Project Bonds (Green Bonds) until 2012;
• Tax-exempt bond relief to federally declared natural disaster areas in 2008 and 2009; and
• A new category of tax-credit bonds called Qualified Energy Conservation Bonds (see www.nabl.org). These and other provisions of the legislation address climate change and sustainability matters. Stay tuned for further developments!