Obama Budget – Spend Big On Renewables, Slash Fossil Fuel Support

US President Barack Obama has proposed billions more be ploughed into renewable energy and to eliminate $4 billion in fossil fuels subsidies in his 2014 budget proposal.

Among the highlights:

– $615 million to increase the use and reduce the costs of solar power, wind, geothermal, and hydro energy.

– $4 billion in loans to rural electric cooperatives and utilities to support a transition to clean-energy generation.

– $238 million in loan guarantees and grants to assist farmers and rural small businesses in developing renewable energy systems and energy efficiency improvements.

– $100 million to maintain capacity to review and permit new renewable energy projects on Federal lands and waters.

– $23 billion of incentives for renewable energy production and energy efficiency over the next 10 years.

– $153 million in smart grid research and development and other activities plus $80 million to advance clean energy integration into the grid.

– $2.5 billion in tax credits for investments in advanced energy manufacturing projects.

The fossil fuel subsidy gravy train will lose more than just a few carriages.

“As we continue to pursue clean energy technologies that will support future economic growth, we should not devote scarce resources to subsidizing the use of fossil fuels produced by some of the largest, most profitable companies in the world.”

“The Budget proposes to eliminate inefficient fossil fuel subsidies that impede investment in clean energy sources and un­dermine efforts to address the threat of climate change. The Budget would repeal over $4 billion per year in tax subsidies to oil, gas, and other fossil fuel producers.”

The United States has nearly doubled its energy generation from renewable energy sources since 2008 and President Obama has set a goal of doubling it again by 2020.

Further details of the 2014 budget proposal section, “Clean Energy Economy, Improving Energy Security, and Addressing Climate Change” can be viewed here.