Obama Budget Includes Support For Cleantech

Feb 27 2009 | 12:52am ET

If his wish comes true – read: if his 2010 budget is approved as drafted – U.S. President Barack Obama will provide significant funding to cleantech, chiefly through the Department of Energy (DoE), but also through a number of other government agencies. 

According to budget documents released by the Office of Management and Budget, the DoE will receive $26.3 billion to fund clean energy initiatives, including funds for a “smart power grid” project. The proposed DoE budget also includes funds for loan guarantees for energy efficiency programs and deploying new clean technologies.

The budget earmarks $26 billion for the Department of Agriculture, including $250 million in loans and grants for the production of renewable fuels.

NASA is to receive $18.7 billion to fund the development of a space-based climate research and monitoring system.

The $7 billion allotted to the National Science Foundation is to be used to establish a climate change education program to foster environmentally engaged scientists and engineers. It will also offer increased funding for high-risk research proposals that could lead to radically new technologies.

The Department of Transportation is to receive $72.5 billion, including a five-year, $5 billion, state grant program for high-speed rail.

The Department of the Interior’s proposed $12 billion budget will include over $50 million to conduct environmental evaluations and technical studies to spur development of renewable energy projects, assess available alternative resources, and reduce the impact of development on federal lands and waters.

Finally, the Department of Housing and Urban Development will receive $47.5 billion to create an Energy Innovation Fund to support energy-efficient housing – including retrofitting older homes – and catalyze private-sector lending in the residential sector.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Versum Materials (VSM), with a market capitalization of $2.7 billion, enables chipmakers to achieve higher performance at lower cost with enhanced reliability. Versum is a leading global provider of electronic materials for the integrated circuit and flat-panel display markets.