The "most powerful" country in the world has a new president. And, this seems to be good news for clean energy lovers. Under President-elect Barack Obama, the fossil fuels industry may face "dark days ahead," while alternative energy sectors are likely to flourish.
Obama's lynchpin policy is a climate change bill that would cap emissions such as carbon dioxide and auction greenhouse gas credits to encourage a fundamental transition away from high emitting industries to low-carbon alternatives. As part of that policy shift, renewable energy, natural gas, plug-in hybrid vehicles, and advanced electricity transmission are forecast to receive a major boost. Senator Obama has proposed using $150 billion from the emissions auction to fund such low-carbon alternatives over the next decade.
Obama administration energy and environment policy marks a tectonic shift for the nation. He plans to move the U.S. away from petroleum as its primary energy source and towards renewable energy, advanced biofuels, efficiency and low greenhouse-gas-emitting technologies. And the effect is likely to “rub off” to the entire world.
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