Statement: President Obama’s FY 2010 Proposed Budget

- This statement was issued in response to President Obama’s FY 2010 budget proposal. -

Statement of Eileen Claussen
President, Pew Center on Global Climate Change

February 26, 2009

President Obama’s budget contains the key building blocks for creating the clean energy economy we so badly need. It re-emphasizes the President’s support for an economy-wide greenhouse gas cap-and-trade program, sets aggressive but achievable targets for reducing emissions, invests in new low-carbon technologies and helps those families, communities, and businesses that need assistance in transitioning to a low-carbon economy. Most importantly, the budget also recognizes that now is the time to act and calls for a trading system to be up and operating by 2012.

 

Excerpt from the President's budget.

The Administration is developing a comprehensive energy and climate change plan to invest in clean energy, end our addiction to oil, address the global climate crisis, and create new American jobs that cannot be outsourced. After enactment of the Budget, the Administration will work expeditiously with key stakeholders and the Congress to develop an economy-wide emissions reduction program to reduce greenhouse gas emissions approximately 14 percent below 2005 levels by 2020, and approximately 83 percent below 2005 levels by 2050. This program will be implemented through a cap-and-trade system, a policy approach that dramatically reduced acid rain at much lower costs than the traditional government regulations and mandates of the past. Through a 100 percent auction to ensure that the biggest polluters do not enjoy windfall profits, this program will fund vital investments in a clean energy future totaling $150 billion over 10 years, starting in FY 2012. The balance of the auction revenues will be returned to the people, especially vulnerable families, communities, and businesses to help the transition to a clean energy economy.