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Obama’s Favorite Color is Green

Posted Dec 02 2008 3:15pm

As the new President-elect, Barack Obama has promised to provide a much-needed breath of fresh air for the clean energy and environmental sectors. Although investor confidence has waned as a result of the credit crisis, many green energy stocks have soared as analysts begin making predictions for Obama’s forthcoming resurrection of this industry.

Obama has identified clear goals for green energy and climate change policy. In addition to the information on his transition website, he recently released a video address, in which he outlined specific benchmarks:

• Reduction of emissions levels to 1990 by 2020, an additional 80% by 2050

• Investment of $15 billion per year to catalyze private sector efforts toward clean energy

• Investment in solar, wind and next generation bio-fuels.

• Reduction of emissions to 1990 levels by 2020, an additional 80% by 2050

• Reduction of emissions levels to 1990 by 2020, an additional 80% by 2050

• Investment in and development of nuclear and clean coal technologies

With Detroit’s Big 3 trying again this month to persuade Congress for a loan, the President-elect has also made clear his intention to use the possible auto-industry bailout as a vehicle to promote clean energy.

In addition to specific legislation, an interesting possibility would be for Obama to create a National Energy Council, as recommended by the Center for American Progress (CAP). Last year, CAP laid out a plan for the next president, which includes (in addition to specific energy and climate change initiatives) – a proposal to create a National Energy Council headed by a National Energy Advisor at the Cabinet level.

By Grant Draper, Partner at The Element Agency in New York

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