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The Low Carbon Economy Ltd

28 May 2009 12:05:07

Obama announces new solar and geothermal funding

Obama announces new solar and geothermal funding
President Obama has announced over $476 million (£299 million) in funding from the American Reinvestment and Recovery Act to develop, deploy and use geothermal and solar energy across the country.

The money will be used to help the renewable energy sectors overcome technical hurdles, demonstrate new technologies and create new green jobs.

Approximately $350 million (£219 million) will be set aside for geothermal projects focusing on research and development, exploration techniques, resource assessment and the establishment of a national data system to classify the country's geothermal potential.

The remaining funds will be pumped into the development of photovoltaic technologies for solar panels and schemes to improve the integration of sun-powered systems into the city grids.

Announcing the funding, Mr Obama said: "We can hand over the jobs of the future to our competitors, or we can confront what they have already recognised as the great opportunity of our time.

"The nation that leads the world in creating new sources of clean energy will be the nation that leads the 21st century global economy. That's the nation I want America to be."

Significant amounts of money have been made available under the Recovery Act to finance low-carbon initiatives such as the electrification of transportation, biomass projects and research into wind technology.



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