Administration Says Stimulus Dollars Can Achieve Lofty Energy Goals
The Obama administration unveiled today a report that says the American Recovery and Reinvestment Act’s $100 billion investment in innovation will lead to a
Jul 31, 2020760 Shares379.9K Views
The Obama administration unveiled today a report that says the American Recovery and Reinvestment Act’s $100 billion investment in “innovation” will lead to a number of significant energy-related “breakthroughs.”
Vice President Joe Biden and Energy Secretary Steven Chu released the report, “The Recovery Act: Transforming the American Economy through Innovation,” which lays out the potential energy advancements.
They include, according to the Energy Department:
- “Doubling U.S. renewable energy generation capacity and U.S. renewable manufacturing capacity by 2012, a breakthrough that would not be possible without the Recovery Act.”
- “Cutting the cost of batteries for electric vehicles by 70 percent between 2009 and 2015, putting the lifetime cost of an electric vehicle on-par with that of its non-electric counterpart.
- “Cutting the cost of solar power in half by 2015, putting it on par with the cost of retail electricity from the grid.
If the Obama administration can accomplish these advancements, they would address a number of key energy challenges, namely the high costs of solar energy and electric vehicle batteries. In reaching these goals, the administration would be able to quiet critics who say that it doesn’t make economic sense to move away from fossil fuels.
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles