Budget Request Includes Investment In Renewable Energy

0

President Barack Obama's fiscal year 2011 (FY 2011) budget request includes investments in clean energy and the elimination of subsidies for the oil, coal and gas industries.

The funding for wind energy increases 53.1% to $122.5 million. In fiscal year 2011, the DOE will invest in specific activities that promote responsible U.S. commercial offshore wind project development.

According to the DOE, investments will address common barriers and risks to offshore projects, including financial, regulatory, technical, environmental and social issues. Additional funds will be used to create partnerships and solicitations to accelerate the development of offshore wind technology. Additionally, U.S. wind technology supply-chain analysis and facilitation, wind turbine manufacturing process improvement, and research and development will be expanded.

Specifically, the president's FY 2011 budget request includes the following:

– Lending authority to support approximately $40 billion in loan guarantees for innovative clean energy programs;

– More than $108 million in new funding to advance and expand research in the areas of wind, solar and geothermal energies;

– More than $217 million in new funding for science research and discovery, including an additional $40 million for the existing Energy Frontier Research Centers program and $107 million for Energy Innovation Hubs; and

– $300 million for the Advanced Research Project Agency – Energy.

In developing this budget, several program reductions and terminations are proposed, including eliminating more than $2.7 billion in tax subsidies for the oil, coal and gas industries. This step is estimated to generate more than $38.8 billion in revenue for the federal government over the course of the next 10 years.

The FY 2011 budget also calls for the termination of the ultra-deepwater exploration program – saving $50 million – and the cancellation of a planned expansion of the Strategic Petroleum Reserve, saving $71 million.

SOURCE: U.S. Department of Energy

Leave a Comment
Your email address will not be published. Required fields are marked *

avatar
  Subscribe  
Notify of