President Obama unveiled his 2011 fiscal year budget today. Unlike last year’s budget, which assumed an amount of revenue from a cap-and-trade program, this year’s budget contains only a place holder for such revenue. Of couse, the establishment of the cap-and-trade program faces a tough road in Congress.
The $3.8 trillion budget proposal would channel more money toward investing in clean energy projects and would eliminate subsidies for fossil fuels. According to a fact sheet, the DOE would receive $4.7 billion in funding for clean energy technology investments. The decision to delete tax breaks for oil, gas, and coal companies--which will save $40 billion over the next decade according to the White House Office of Management and Budget--is sure receives much attention at budget hearings to be held later this week. White House OMB Director Peter Orszag said, “The investment] to spur clean energy is intended to move us toward a clean energy future and works in concert with removing the subsidy for fossil fuels to move us more aggressively there."
Of further note, the words climate and/or climate change are mentioned 22 times in the text, including in the budgets for nine agencies: USDA, Commerce, DOE, DOI, the State Department, COE, EPA, NASA, and NSF. In particular, the Environmental Protection Agency would receive $10 billion under the budget proposal, including new funding to implement many of its programs related to greenhouse gas emissions. The President requested $21 million for the EPA to implement its greenhouse gas emissions reporting rule and $56 million for the EPA and states to begin reducing greenhouse gas emissions through other regulatory programs.
For more information on the budget visit: http://www.whitehouse.gov/omb/budget/