President Obama’s budget projects that all permits to emit carbon under a cap-and-trade plan will be auctioned, a far tougher proposal than earlier congressional versions that would have initially given away a portion of the permits. The budget also sets extremely large long-term CO2 emissions reductions targets, with a 14 percent cut by 2020 and an 83 percent reduction by 2050. The budget projected that revenues from a cap-and-trade system would be used to finance $150 billion in renewable energy projects over 10 years and to allocate another $65 billion a year to lower- and middle-class taxpayers to offset higher energy costs. The Energy Department’s budget will grow significantly, from $24 billion last year to $34 billion in the current fiscal year, with much of that increase going to fund renewable energy projects. The budget of the Environmental Protection Agency will grow 34 percent, with more money for clean water projects, Great Lakes restoration, and increases in research and enforcement.
Obama Budget Projects 100 % Auction of CO2 Emissions Permits
More From E360
-
Energy
Why U.S. Geothermal May Advance, Despite Political Headwinds
-
Food & Agriculture
In War Zones, a Race to Save Key Seeds Needed to Feed the World
-
Climate
Lightning Strikes the Arctic: What Will It Mean for the Far North?
-
RIVERS
A Win for Farmers and Tribes Brings New Hope to the Klamath
-
Solutions
Deconstructing Buildings: The Quest for New Life for Old Wood
-
NATURAL DEFENSES
How Restored Wetlands Can Protect Europe from Russian Invasion
-
Solutions
Birds vs. Wind Turbines: New Research Aims to Prevent Deaths
-
FORESTS
Cambodian Forest Defenders at Risk for Exposing Illegal Logging
-
OPINION
The ‘Green’ Aviation Fuel That Would Increase Carbon Emissions
-
CONSERVATION
Out of the Wild: How A.I. Is Transforming Conservation Science
-
Energy
China’s Mega Dam Project Poses Big Risks for Asia’s Grand Canyon
-
Solutions
How Natural Solutions Can Help Islands Survive Sea Level Rise