With the missed opportunity to chart a new course on the issue of global warming unfortunately behind it, the U.S. Senate now has a chance to take a smaller step in the right direction.

While the Senate failed to garner the votes to pass the climate change bill, another bill on the table that would extend crucial tax credits for renewable energy sources — including solar and wind power — deserves support.

If the bill fails to pass, the credits will expire at the end of the year. That would be devastating to the industry and to innovation; high start-up costs involved in the push to go green make investment capital and credits key.

The tax-credit issue has been batted around for several months, with the spoiler being the fact that an earlier version of the bill sought to pay for the credits by rescinding the huge tax breaks granted to oil companies in 2005.

In an effort to get the renewable tax credits through the GOP snag, the newest version leaves the oil industry breaks in place. Instead, it partially closes offshore tax loopholes for hedge fund managers to pay for the credits. Still, some Senate Republicans and the Bush administration say no dice.

Tax credits are designed to provide incentives toward a greater goal — in this case, a transition to renewable energy sources and a new course away from fossil fuel.

The credits also encourage precisely the sort of innovation and technology solutions the nation should be developing, while creating new jobs and industries as well.

Enough time has been wasted and opportunities lost. The Senate should pass the bill and get us started on the right path to a more renewable energy future.