The Obama Administration Proposes $8 Billion in Loans for ‘Clean’ Fossil Fuel Technologies

See on Scoop.itGreen & Sustainable News

As part of President Obama’s new energy initiative, the U.S. Department of Energy has proposed $8 billion in loan guarantees for fossil fuel technology projects that are able to reduce the country’s greenhouse gas emissions.

Duane Tilden‘s insight:

> […]the U.S. Department of Energy has proposed $8 billion in loan guarantees for fossil fuel technologies to reduce the country’s greenhouse gas emissions. The proposal would fund schemes such as waste heat recovery and carbon dioxide capture, however it has unsurprisingly received criticism as it would draw focus away from green technology projects such as renewable energy and electric vehicles.

Speaking about the new proposal, Energy Secretary Ernest Moniz stated:  “Coal and fossil fuels still provide 80% of our energy and 70% of electricity, and they will remain an important part of our future, as the president noted.”<

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