Obama’s going green

1 02 2009

Hey everyone! Sorry it has been so ridiculously long since I have updated this blog, but here is some food for thought:

From Reuters News on January 30th:

U.S. President Barack Obama‘s energy plan calls for increasing consumption of alternative fuels and decreasing reliance on oil.

Analysts say that with oil prices now sharply off record highs above $147 a barrel hit in July, during the presidential campaign, the government may have to provide stronger subsidies to encourage private-sector investment in greener energy.

Following is a list of some of Obama’s energy proposals:

• Create 5 million new jobs by investing $150 billion over the next 10 years to catalyze private efforts to build a clean energy future.

• Save more oil than the United States currently imports from the Middle East and Venezuela combined within 10 years.

• Put 1 million hybrid cars that can get up to 150 miles per gallon on the road by 2015.

• Ensure 10 percent of U.S. electricity comes from renewable sources by 2012, and 25 percent by 2025.

• Implement an economy-wide cap-and-trade program to reduce greenhouse gas emissions 80 percent by 2050.

• Increase fuel economy standards and energy efficiency.

• Create a new $7,000 tax credit for purchasing advanced vehicles.

• Weatherize 1 million homes annually.

Source: http://www.reuters.com/article/GCA-BusinessofGreen/idUSTRE50T4V420090130

I for one am very excited about the fresh perspective that has now entered the White House. It’s well overdue to see a president who views the sucess of our economy and the state of our environment as dependent entities. Although, of the proposals listed above, I do have to admit that I am disappointed to see him implementing a cap and trade system. Honestly, I really don’t believe that it will help improve environmental standards. Companies with low environmental standards will keep on polluting by covering it up with bought credits from companies that are working towards greener business practices. It will only widen the gap between green companies and polluting companies. Maybe I fail to see the incentive for businesses to increase their environmental standards in the plan, or maybe my skepticism of the cap and trade system is founded.

As always, this post is meant to facilitate discussion. Please feel free to enlighten us with your perspective 🙂

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