Green Harbor

U.S. President Barack Obama presented the country’s budget for the year to Congress yesterday for approval. The budget contained a lot of language discussing a wide range of topics, but there was not much language on carbon markets.

Last year, the proposal for a carbon trading market failed when the administration estimated that the market could generate $646 billion in revenue for the federal government. Unfortunately, Republicans were able to latch on to this number and use it against the administration call it an extra “tax” on business.

This year, President Obama has learned from his mistakes and the budget now only contains language that states, “a comprehensive market-based policy” should be used to fight climate change. Also, the amount of federal development loans offered to nuclear power plants has been tripled to $54.5 billion.

There has been quite a mixed response to the rhetoric from the President has given up on cap-and-trade to the budget means nothing in regards to climate policy.

Hopefully, it is the latter and the administration will continue to pursue carbon markets as a way to reduce carbon emissions.

Related posts:

• President Obama’s 2011 U.S. Federal Budget does have Increases for Clean Technology Investments
• President Obama Finally Makes a Move on the Environment
• President Barack Obama Will Attend UN Climate Summit in Copenhagen
• President Obama OK’s $2.4 Billion in Federal Money for Battery Tech
• President Barack Obama is Going to Copenhagen!!… Maybe…