Illinois senator and presidential candidate Barack Obama’s global warming/energy policy has developed significantly in the past year, from endorsement of coal-to-liquids funding to his policy platform unveiled yesterday.
Summary of Obama’s energy policy:
- 100% auction cap-and-trade with 1990 levels by 2020, 80% cuts by 2050
- $150 billion investment over ten years in clean energy and green jobs
- 2030 goals: reduce U.S. economy energy intensity by 50%, reduce oil consumption by 35%,
- Standards: 25% federal RPS by 2020, all new buildings carbon neutral by 2030, phase out traditional incandescents by 2014
- Smart grid with distributed generation
- Increase CAFE standards to 35 MPG, Renewable Fuel Standard to 36 billion gallons by 2022
- Require 60 billion gallons of biofuels by 2030
- Re-engage in UNFCCC
CAP-AND-TRADE
- Economy-wide cap-and-trade program with 100% auction of credits
- Target of 80% reduction (from 1990 levels) by 2050
- Target of 1990 levels by 2020
- Revenue generated from the auction will go to programs like LIHEAP and weatherization assistance (compare to Dingell’s similar spending proposals)
GREEN ECONOMY PROJECT (Compare to the Apollo Alliance)
- Invest $150 billion over the next ten years
- Double energy R&D to $6 billion
- Increase funding for federal workforce training programs
- Energy-focused youth jobs program with private sector employers and unions to provide apprenticeship opportunities to improve the energy efficiency of homes and buildings
- Biofuel investment
- Invest in biofuel R&D: two billion gallons of cellulosic ethanol into the system by 2013
- Incentives for local communities to invest in their biofuels refineries
- An additional subsidy per gallon of ethanol produced from new facilities that have a minimum of 25 percent local capital
- Additional loan guarantees for advanced ethanol facilities with local investment
- Develop and deploy “clean coal” technology
- Significantly increase the resources devoted to the commercialization and deployment of low carbon coal technologies
- Existing coal facilities are retrofitted with carbon capture and sequestration technology as soon as it is commercially available
- If necessary, standards that ban new traditional coal facilities
- Nuclear energy
- Guidelines for tracking, controlling and accounting for spent fuel at nuclear power plants
- Look for a safe, long-term disposal solution (Yucca Mountain is not an option)
- Technology deployment investment
- Clean Technologies Deployment Venture Capital Fund modeled on the CIA In-Q-Tel program
- Extend the federal Production Tax Credit (PTC) for five years
- Establish a federal investment program to help manufacturing centers modernize
- Carbon-Reduction Standards
- National Low Carbon Fuel Standard (S.1324) to reduce the carbon their fuel emits by ten percent by 2020
- 25 percent federal Renewable Portfolio Standard, 30 percent of the federal government’s electricity comes from renewable sources by 2020
ENERGY EFFICIENCY
- Set a goal of reducing the energy intensity of our economy 50% by 2030
- Existing federal buildings 25% more efficient by 2012, all new federal buildings are 40% more efficient by 2012, zero-emissions by 2025
- Regular updates for appliance efficiency standards
- All new buildings carbon neutral by 2030 (new buildings 50%, existing 25% more efficient by 2017)
- Competitive grant program for local early adopters of stronger building codes
- Energy utility decoupling of profits from increased energy usage
- Expand federal efficiency grants
- Phase out traditional incandescent light bulbs by 2014 (S. 2017)
- Create a digitally connected power grid which permits consumer-level power generation
ENERGY INDEPENDENCE
- Set goal to reduce oil consumption by at least 35% (10 million barrels per day) by 2030
- Fuel economy
- Increase fuel economy standards (S. 3694 of the 109th Congress, in SA 1502)
- Provide retooling tax credits and loan guarantees for domestic auto plants and parts manufacturers
- Invest in advanced vehicle technology
- Lifting the 60,000-per-manufacturer cap on efficient-vehicle tax credits
- Biofuel distribution infrastructure
- Mandate all new vehicles be flexible fuel vehicles
- Increase the RFS to 36 billion gallons by 2022
- Establish a requirement to produce at least 60 billion gallons of biofuels, including cellulosic ethanol and biodiesel, by 2030 (S. 23)
- Sustainable communities
- Reform federal transportation funding to take into account smart growth considerations
- Require states to plan for energy conservation for the expenditure of federal transportation funds
- Reform the tax code to make benefits for driving and public transit or ridesharing equal
INTERNATIONAL AFFAIRS
- Re-engage with the U.N. Framework Convention on Climate Change
- Create a Global Energy Forum – based on the G8+5, which included all G-8 members plus Brazil, China, India, Mexico and South Africa – of the world’s largest emitters to focus exclusively on global energy and environmental issues
- create a Technology Transfer program within the Department of Energy dedicated to exporting climate-friendly technologies, including green buildings, clean coal and advanced automobiles, to developing countries
- Cap-and-trade offsets to include investment in low carbon energy projects in the developing world
- Invite China and India to join the International Energy Agency
- Offer incentives to maintain tropical forests and manage them sustainably
- Develop domestic incentives for high-carbon soil management practices