The dollars are flowing to companies large and small. Automotive start ups like Tesla Motors and Fisker Automotive, companies with little track record and no profits to speak of, have scored nearly $1 billion combined in guaranteed loans. Meanwhile established car companies like Ford and Nissan have been granted $5.9 billion and $1.6 billion respectively to further development of electric vehicles. That’s in addition to the government’s purchase of General Motors at a cost of tens of billions of dollars.

Outside the auto industry we’ve seen companies such as Solyndra, a solar power start up based in Silicon Valley that qualified earlier this year for a $535 million DOE loan guarantee. Prior to the loan guarantee Solyndra had been funded to the tune of $800 million in private venture capital financing. At the beginning of September the DOE also announced over $500 million in grants given mostly to large wind power developers. Since then many large utilities across the country have benefited from over $3 billion in smart grid stimulus awards. More recently the DOE has announced more than $600 million for energy storage projects.

If you look at the entire list of what has been funded so far you’ll see that no technology has been left behind. Electric vehicles, solar, wind, smart grid, geothermal, energy efficiency, energy storage  and carbon capture have all received funding. Thus one of the biggest obstacles to the development of new clean energy technologies has been removed. The collapse of the credit markets and oil prices dried up the investment pot. But the U.S. government has stepped in to fill the vacuum. So companies now have access to the capital they need to develop better batteries, construct manufacturing plants, research future technologies and much more.

With the financing obstacle removed for many companies, the only thing that’s left for companies to do now is to deliver on their promises. Electric car manufacturers have promised affordable vehicles that eliminate (or greatly reduce) the need for gasoline use in day-to-day transportation. Solar producers have promised gigawatts of solar facilities across the deserts of the southwest and rooftops across America. Wind power developers have promised clean, reliable, emission free electricity with very low impact to the environment. Smart grid companies have promised a new age of energy information technologies that will virtually eliminate blackouts and give consumers unprecedented control over their energy use and costs. Geothermal developers have promised a vast supply of emission free, uninterrupted baseload power from deep below the surface of the earth. On top of all the promises we’ve heard many times over the past decades there is also the promise of millions of “green jobs” as a result of a new clean energy economy.

The billions of dollars in play right now may only represent a down payment on future possibilities for clean energy development in the United States. Results are important though. If you have an investor who throws in a million dollars most of the time they want to see some progress before they commit more money. In this case the investors are the American people who’ve heard promises about the benefits of affordable electric vehicles and solar technology for decades. If public support for new energy investment erodes in 2010, politicians, especially ones up for re-election, will get the message and adjust their influence accordingly. That’s why it’s so important that clean energy companies show that they can produce the technologies they have promised, with the benefits that they have promised, at a cost that the majority of the public can afford.

According to a press release from Citigroup, the carbon principles are “…climate change guidelines for advisors and lenders to power companies in the United States. These Principles are the result of a nine-month intensive effort to create an approach to evaluating and addressing carbon risks in the financing of electric power projects.”

The principles were created in consultation with major players in the banking (Morgan Stanley and JP Morgan), energy (AEP, NRG, PSEG and others) and advocacy (Environmental Defense and Natural Resources Defense Council) industries.

These investment banks are signaling the beginning of a new era in energy project finance. The Carbon Principles are an acknowledgment that the future holds considerably higher costs for coal projects. As lenders, these institutions are taking a pro-active stance in defining the financial risks related to coal projects at a time when carbon taxes may be just around the corner.

The issue of financial risks related to coal projects has been addressed before. Last September, New York Attorney General Andrew Cuomo subpoenaed five energy companies to determine the level of disclosure that those companies have made to their investors with respect to the future financial risks of operating coal-fired power plants.

The subpoenaed companies are different from those involved in the carbon principles effort. And I have yet to hear of any action resulting from the subpoenas.