President Obama signs the American Recovery and Reinvestment Act
One year ago today, President Barack Obama signed the American Recovery and Reinvestment Act into law. It was a bill heavy on funding for states, tax credits and investment.
One of the biggest investments in the bill focused on an industry the president has said is the next great economic opportunity: clean energy.
Said the president at his appearance in Maryland yesterday: “We’ve already made the largest investment in clean energy in history,” spending that is “expected to create more than 700,000 jobs across America.”
According to statements by the president, $60 billion of the stimulus was earmarked for clean energy, with $30 bill more in tax credits. Money awarded has included $8 billion through the Department of Transportation just a few weeks ago, to help fund high-speed rail projects around the country.
Here are a few more:
- The Department of Defense has $120 million for energy conservation. It also has $300 million for its own energy efficiency focus, including better engines and solar panels.
- Through extensive training programs, the Labor department has already paid out more than $50 billion, including $500 million for Green jobs.
- The General Services Administration, which handles all government buildings across the U.S., as well as vehicle fleets and other property, received more than $5 billion, the majority of which has been spent retrofitting buildings through the “Federal Building Fund,” creating thousands of jobs while promoting energy efficiency, while at the same time changing its vehicle fleets to hybrid and electric models.
- Finally, the EPA has already awarded more than $5 billion for clean water projects, including drinking water. It is also investing millions in fuel emissions reduction programs like DERA, which is cutting diesel emissions.
The Department of Energy is allocating $25 billion for energy efficiency projects. According to the DOE website, nearly $17 billion is allotted specifically for energy efficiency and renewable energy. It also includes $3.4 billion for CCS technology.
Despite the extensive investment in clean energy by the stimulus package, still more work needs to be done. One thing the legislation did not do was put a cap on carbon, one of the most vital parts of comprehensive clean energy and climate legislation.
One thing the ARRA did do was combine government investment with private money, something any new energy and climate legislation will have to do successfully.
For now though, here’s to one year of the recovery act, which has helped the clean energy industry grow, while putting Americans back to work. Now let’s take the next step and give incentives for clean energy, while putting millions of Americans to work, in long-term, well-paid jobs.
*All statistics courtesy of Recovery.gov
