Section 2

New Energy for America

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In answer to this momentous challenge, we will create an America with energy for new prosperity, new job growth, and true energy security.  Tonight, America embarks upon what we will call New Energy for America. New Energy for America will create a new era of prosperity for our nation by stimulating job growth and industrial productivity in clean energy to help restore the American economy.

The New Energy for America program will inject $30 billion annually into our national economy over 8 years to move us towards a renewable energy future.

Through a new Federal Renewable Energy Development Agency, whose Director will report personally to me, we will begin by creating a new national system of community-scale renewable energy using solar, wind, geothermal, non-food biofuels, small hydro and biomass.  The National Association of Counties will be integral to this effort. New technologies will be brought online, as we will quintuple US research and development in energy technologies, using the expertise of our Military Industries, our great National Laboratories and our universities for their leadership and research capacities.

We will pay for this program through the progressive shifting of Federal subsidies away from carbon-intensive industries and towards renewable energy infrastructure.

During this critical transition, we will provide income protection for workers in carbon-intensive industries as they move into the new energy economy. And, to protect those states involved in the production of coal, oil and gas, we will use the same State-based Federal subsidy allocation formulas currently used, but shifted towards renewable energy.

Long-term investment in renewable energy requires business confidence that a long-term customer exists.  Therefore, the Federal Renewable Energy Development Agency will guarantee the price of renewable energy so that it is more than competitive with fossil fuels for 20 years. This will provide investors with the certainty that there is a renewable energy market, and encourage new renewable energy production.

Efficiency is the New American Way

Efficiency must become the new American Way.  As part of New Energy for America, we will aggressively pursue a 20% reduction in carbon-based energy usage by 2017 as our new renewable energy production capacity is brought online, and as older, defunct and carbon-belching energy sources are taken out of service. To further stimulate job creation and industrial growth in renewable energy, we will also provide robust tax credits towards the purchase of US-made durable goods that meet a new national 50% energy reduction target.

As a start, by Executive Order, I have directed that all new federal buildings will use Green, sustainable construction methods, effective immediately, using the methods of the US Green Building Council. I will also support legislation that strongly encourages all US construction to follow these same standards.

A Binding and Enforceable Global Warming Treaty by 2010

Perhaps most fundamentally, to stabilize our environment, we must agree by 2010, with the world community, to a binding and enforceable global greenhouse gas treaty based on capping then reducing global carbon emissions, with taxation for excess polluters that achieves an 80% reduction in greenhouse gasses by the year 2050.