President Barack Obama expects that the government will begin receiving $15 billion a year starting in 2012 from the auction of carbon pollution permits to support the development of renewable energy technologies as his administration emphasizes the need to build an economy powered by clean and safe energy.
The Office of Management of Budget released the document on Thursday .
President Obama said energy is one of the top three areas that will help recover the economy along with health and education.
President Obama's budget is up front and honest about the challenges America faces and makes hard choices to bring the deficit down, said Secretary of Energy Steven Chu in a statement today supporting the investment in clean and renewable energy.
Obama has committed to develop technologies like wind power and solar power; advanced biofuels, clean coal and fuel efficient vehicles and aims to double the nation’s supply from renewable energy in the next three years.
To truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy, Obama told Congress on Feb. 24.
Obama will also limit carbon-dioxide emissions by favoring a cap-and-trade program in which companies acquire a limit to produce certain carbon-dioxide emissions and can trade pollution allowances on a market.