Obama's 'green budget' provides hope for economy & climate change
Washington D.C. - 27 February 2009
President Barack Obama's plan to bailout the U.S economy relies on a carbon cap-and-trade system that includes an 80 billion dollar investment in renewable energy programmes.
By forcing heavy polluters to buy credits from companies that pollute less, the programme penalizes companies that emit the most greenhouse gases, while rewarding the country's "greenest" business enterprises.
Speaking to Congress, Tuesday, the US President said that building financial incentives to fight global warming, was the way forward and that economic recovery is inextricably linked to green energy.
"To truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy," Obama told lawmakers.
The 'green budget' signals a significant US push to slow down climate change.