What Obama presidency means for Renewable Energy

2008-11-05 14:49

Green Tech - November 05, 2008

Read Full Article: http://news.cnet.com/8301-11128_3-10082064-54.html

Energy and environmental policy is poised for dramatic change under an Obama administration even with a slumping economy. With the incoming administration and Congress, renewable energy advocates and environmentalists said they anticipate a comprehensive national energy plan focused on fostering clean-energy technologies. "The election is over. Now the hard work begins," wrote Dan Farber, a professor of law at the University of California at Berkeley and a member of the lobbying group Cleantech & Green Business for Obama. "Change is on the way."

Obama's energy plan, detailed fully earlier this year, is ambitious. It calls for a $150 billion investment in clean technologies over 10 years, aggressive targets for greenhouse emission reductions, and programs to promote energy efficiency, low-carbon biofuels, and renewable energies. But a troubled economy--among other barriers--means that bold, new energy legislation, notably caps on greenhouse gas emissions, is unlikely to pass in the first years of an Obama administration, according to experts.

Instead, the Obama presidency is expected to first push for smaller yet significant measures, such as efficiency and renewable energy mandates, and then lay the groundwork for far-reaching climate initiatives, they said. "One of the biggest setbacks is trying to find the money to pay for all of this. This isn't free," said David Kurzman, managing director of Kurzman CleanTech Research. "Reality will set in and trying to find money...is really going to temper the possibilities over the next 12 months."