President’s Budget Draws Clean Energy Funds from Climate Measure
President Barack Obama released a rough outline of his proposed budget for fiscal year (FY) 2010 last week, and the document proposes to support clean energy development with a 10-year investment of US $15 billion per year, generated from the sale of greenhouse gas (GHG) emissions credits. The funding hinges on the passage of an economy-wide GHG emissions program, under which the Obama administration intends to reduce U.S. GHG emissions to 14% below 2005 levels by 2020 and to 83% below 2005 levels by 2050.