By MARY GILBERT
In yet another dramatic break with the Bush administration, President Obama took to the TV cameras today to announce his administration's new approach to energy independence and greenhouse gas emissions. Calling energy central to both the economic crisis and America's national security priorities, Obama signed executive orders making it easier for states to set their own emissions standards, as well as pushing the American auto industry to build more fuel-efficient vehicles within the next several years.
Obama began by appealing to Congress to act quickly in passing his economic recovery package, which he said will get the ball rolling on creating a "new energy economy," generating thousands of new jobs. Money from the bill will go towards retrofitting government buildings to make them more energy-efficient, weatherizing about 2 million homes and creating other "green" jobs.
He also announced that he is directing the Environmental Protection Agency to review an application from California and 13 other states to create their own standards for automobile emissions and fuel efficiency. Offering a sharp rebuke of the previous administration, he chastised Washington for "standing in the way" as states tried to take the lead on this crucial issue. He pledged that his administration "won't deny facts" or try to pass the buck on creating incentives for energy efficiency.
Upping fuel standards in these states will require that the auto industry quickly retool to catch up, and the president pledged a comprehensive approach to helping car companies prepare for the future. "We must ensure that the fuel-efficient cars of tomorrow are built here in America," Obama insisted, saying his administration would help set achievable fuel-efficiency standards for model year 2011. Referring to the recent bailout of GM and Chrysler, Obama said that the government must go beyond short-term assistance to the automakers. "We must help them thrive by building the cars of tomorrow and galvanizing a dynamic and viable industry for decades to come," he said.
Finally, Obama addressed the international community, signaling that other countries -- particularly developing nations like China and India -- will be expected to do their part on issues like climate change and energy efficiency, with the U.S. setting the standard. "It is time for America to lead because this moment of peril must be turned into one of progress," he urged.
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Removing barriers to natural gas investments would boost job creation, incomes, and energy security for the U.S.Oil and gas investments, then, could still be attractive to investors, even as the country will be making a shift toward renewable energy. Jobs will be created in areas around the country in places where natural gas and oil are present. There are obviously myriad ways green investors can reap benefits from the New Energy for America plan posed by Obama. Venture capital investment in companies working on clean and alternative energy technologies is one way; venture capitalists invested $3.25 billion in clean and alternative energy companies in just the first half of this year alone. For smaller investors, or those who would want to minimize their risk through diversification, investing in green funds is an option; dozens of green funds and ETFs have emerged onto the scene in the past couple of years.
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