The Energy Department would receive an 8 percent increase in funding over 2012 levels in the Obama administration’s 2014 budget proposal, released Wednesday.
The $28.4 billion FY 2014 budget continues Obama’s commitment to an all-of-the-above energy strategy, prioritizing investment in innovation, clean energy technologies, and national security. The budget focuses on strengthing the American economy through an energy industry that is cleaner, cheaper, and creates long-lasting jobs.
“No area holds more promise than our investments in American energy,” President Obama said during his budget message on Wednesday.
The Energy Department’s clean energy technologies would see a 40 percent increase in funds compared to 2012 levels, including $615 million to increase the use and decrease the cost of clean power from solar, wind, geothermal, and water energy. The budget also suggests $4 billion could be saved annually by eliminating unwarranted subsidies for the oil, gas, and coal industries and increasing the utilization of existing facilities and infrastructure.
As announced during February’s State of the Union address, the budget develops the Energy Security Trust, which takes $2 billion of revenue from federal oil and gas leasing over the next ten years to fund research in efficient transportation. Paralleling the administration’s approach to education reform, the proposal also calls for a new “Race to the Top fo Energy Efficiency and Grid Modernization” program, allowing for states who implement effective policies for reducing energy consumption and improve power utility infrastructure to be eligible for funding.
Click here for the full Department of Energy’s FY 2014 Budget Proposal.
Obama budget boosts ‘green energy,’ but no olive branch to GOP, The Christian Science Monitor.