President Obama proposes $909 million in FY2014 budget to combat climate change

April 11, 2013 by California Carbon

Climate Connect News, London: US President Barack Obama has recently proposed a major boost to the clean energy and climate change expenses in the planned budget for FY2014.

The highest increase has been proposed for the clean energy technology with a rise of 40% above the 2012 enacted level. The budget plans to create new awards, ‘Race to the Top for Energy Efficiency’ and ‘Grid Modernization’, to support State governments that implement effective policies to increase energy productivity and modernize the grid. The proposed budget has set aside $615 million to increase the use and decrease the costs of clean power from solar, wind, geothermal, and water energy.

The planned budget has further proposed investing $575 million in cutting-edge vehicle technologies, $282 million in the next generation of advanced biofuels, and $2 billion of proposed mandatory funding for an Energy Security Trust to transition cars and trucks away from oil use.

The budget has also proposed a huge spending in research activities. $5 billion have been planned to be set aside for the Office of Science, a 5.7 percent increase over the 2012 enacted level, for basic research to lay the foundation of innovation, long-term economic growth, and competitiveness in the area of clean energy.

Furthermore, the budget has proposed elimination of $4 billion of unwanted and unnecessary subsidies to the oil and gas industries. An investment of $16 million—an increase of $10 million—in enhanced energy infrastructure security and energy recovery capabilities has also been considered for FY2014.

In order to enhance modernization of the electricity grid, $147 million in research and development of smart grid investments along with $80 million for advanced technologies and tools that improve clean energy integration into the grid have been proposed.

Additionally, the Obama government has proposed $909 million for FY2014 for strategic investments to support low-emission, climate-resilient development, promote investment from the private sector in clean energy and low carbon infrastructure, and reduce greenhouse gas emissions.

For more information about this article, contact: info@climate-connect.com

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