President Barack Obama’s 2011 energy budget, which was announced today, looks a little short sighted, despite all the talk about seeing through to the clean energy future. The problem is that it calls for the elimination of more than $2.7bn in tax subsidies for oil, coal and gas industries. This step, the government boasts, is estimated to generate more than $38.8bn in revenue for the federal government over the course of the next 10 years.
Hmm. So the US government is going to get more money from the fossil fuel industry on which the country remains dependent. And the hope is that it will do more to encourage growth in areas such as wind, solar and geothermal. While there is clearly an important role for start-ups and pure-play companies, the chances of getting truly scalable clean energy would be boosted by partnership with the fossil fuel industry. Read more