Obama budget calls for doubling clean energy research funding
WASHINGTON — In the federal budget to be released Tuesday, President Obama will call for doubling U.S. investment in clean energy research and development by 2021 as a way to combat climate change.
The proposal is part of the historic "Mission Innovation" agreement reached in November by world leaders in Paris. The effort calls for a major boost in both public and private innovation in the area of clean energy.
Nations strike historic deal on climate change
Obama announced Saturday he will seek a doubling of U.S. funding in clean energy from $6.4 billion to $12.8 billion over five years. To achieve that goal, investments in clean energy would have to rise by about 15% each year.
"As I said in my State of the Union address, rather than subsidize the past, we should invest in the future," the president said in his weekly radio address.
The new investments will "help the private sector create more jobs faster, lower the cost of clean energy faster, and help clean, renewable power out-compete dirty fuels in every state," he said.
Leaders of 20 nations pledged in November to double spending on clean energy research and development over five years. At the same time, 28 private investors from 10 countries, led by Bill Gates, pledged to put up the initial seed money needed to turn ideas into action.
Bill Gates unveils massive green-energy plan at start of climate talks
Among other initiatives to be unveiled in the proposed 2017 budget:
• Increased investments in clean transportation to reduce carbon pollution, cut oil consumption and create jobs. The effort would be paid for with a fee on oil companies — a proposal Republicans are likely to oppose.
Obama to propose $10-a-barrel oil tax
• A "moonshot" to cure cancer, led by Vice President Biden and jump-started with $1 billion to accelerate the development of new cancer treatments.
Obama proposes $1 billion for cancer research
• A two-year, $1 billion effort to address the nation's opioid epidemic by expanding treatment for heroin and prescription drug abuse.
White House proposes new funding for heroin, prescription opioid abuse