Obama's Green Money

The President has been able to herd a stimulus bill through Congress and has introduced a budget proposal. Both things suggests that the U.S. could be able to put together a “Green New Deal.”

In the ‘30s, President Roosevelt introduced a “New Deal” that pulled America out of hard economic times. The difference today is that Obama’s big push is to help the climate at the same time as it helps the economy. The new president promises to lead on in the climate struggle, and he promises new green jobs.

When Obama presented his budget proposal, it became clear that he wants an American quota system for CO2-pollution like he promised in his campaign. He anticipates large revenues from such a system and a significant portion of the income will be used on clean, renewable energy.

Now it is up to Congress on whether the quota system will come into place, but it should, and it should come quickly. A quota system will make it easier to get real commitment from America before the climate summit in Copenhagen.

It is about time that the U.S. again takes charge in the international negotiations on a new climate treaty. The negotiations are difficult, and no matter what you do, the process is almost hopeless as long as America is not fully partaking.

President Obama has promised that America will lead in the fight on global warming. It is a promise that will be very hard to fulfill, but it is essential that America takes the lead and shows the way. If America does not take responsibility, nations like India and China will not either. Thankfully, we can see a new understanding of this crisis in America.

Secretary of State Hillary Clinton’s charm offensive toward China and Japan shows a completely new American approach. And we are hoping that America for the first time in history can set a cap for its own CO2 pollution. Obama has set an 80 percent reduction in green house gases by 2050 as a target.

The development of new energy technology has been an integral part of Obama’s economic strategy. Today seven percent of American electricity is from renewable energy sources, including water power. Obama will establish criteria for what can be defined as renewable energy, and his temporary goal here is that the portion of renewable energy should be 10 percent by 2010 and 25 percent by 2025.

Targets of a certain percentage of renewable energy have been proposed before in Congress without passing. Today more than half of the American states have introduced targets on renewable energy; even the Republican bastion Florida are likely to introduce such measures.

Dan Weiss, senior advisor at the Center for American Progress, a progressive think-tank in Washington, says that Obama’s stimulus plan will have a turbo effect for investment in clean energy and it will create thousands of jobs. He is amongst the people who are expecting clean energy technology to triple.

Energy efficiency and renewable energy will get almost half the money for energy in the stimulus bill. Amongst other things, the money will go toward measures for smarter energy use, better isolation of poor housing, technology for a new, more efficient grid, a so-called “smart grid,” and better control of renewable energy research. The research and development in capture and storage of CO2 is also given a large sum.

President Obama promises green money, and Congress has begun to make legislation that will reduce CO2 emissions. The fact that the U.S. are finally coming out of its state of denial on the climate crisis makes me optimistic.

Secretary of State Clinton’s first trip abroad was to China, where she talked about the climate crisis, and it was a clear signal. She was followed by Todd Stern, who is America’s new climate envoy.

It is too early to tell whether Obama will actually deliver, but much points to the fact that Obama will deliver a “Green New Deal.” Now we hope that America will lead and ensure a green revolution and a “Green New Deal” that is worldwide.