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Obama Moves Renewable Energy Plan into Second Gear

Obama signing turbine blade taken from the Sierra Club press release
Obama signing turbine blade taken from the Sierra Club press release
Date: 5 November 2008

Committing $150 billion in investment over 10 years, Obama hopes to create 5 million green collar jobs and catalyze private efforts to build a clean energy future based on technologies such as wind energy and solar power.

The ‘New Energy America plan’ has been branded “a bold new national goal on energy efficiency” on Obama’s web-site. The plan proposes a long term extension to the production tax credit and a nationwide renewable portfolio standard requiring that 10% of electricity comes from renewable energy sources by 2012 and 25% by 2025. Through the plan Obama has committed to extend the production tax credit, currently worth 2 cents per kWh for 5 years. The key question - is this enough to give the renewable energy industry the same confidence as Obama?

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