Obama’s New New Climate Plan

POTUS throws down $2 billion for clean energy R&D.
The White House/Flickr

The White House/Flickr

On Friday, President Obama announced plans for a $2 billion research initiative for clean energy technology.

Here’s how the White House described it:

Over 10 years, the Energy Security Trust will provide $2 billion for critical, cutting-edge research focused on developing cost-effective transportation alternatives. The funding will be provided by revenues from federal oil and gas development, and will not add any additional costs to the federal budget. The investments will support research into a range of technologies – things like advanced vehicles that run on electricity, homegrown biofuels, and domestically produced natural gas. It will also help fund a small number of real-world experiments that try different transportation techniques in cities and towns around the country using advanced vehicles at scale.

Obama first called for an Energy Trust Fund in his State of the Union address last month. Under his plan, the $2 billion would come from royalties for federal oil and gas leases. The proposal asks Congress to include this in their 2014 budget.

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