US President Barack Obama will today call for the creation of a US$2bn energy security trust fund dedicated to reducing the country’s dependency on oil for motor transport.
The US$2bn fund will be dedicated to research aimed at boosting vehicle efficiency, enhancing battery technology and expanding the use of biofuels.
According to Scientific American, the Obama administration argues that not only will reducing dependency on fossil fuels be good for cutting carbon emissions and tame global warming, but it will also serve to boost the US economy.
The US$2bn trust fund will be spread over 10 years and the finance will come from leases of offshore oil drilling.
The trust fund’s approval will have to run the gauntlet of Congress for approval but no doubt signals an appetite at the highest levels of the US administration for a clean energy future.