Renewable energy and biofuels are among the big winners in the $787 billion economic stimulus package signed by President Barack Obama today.
“Because we know we can’t power America’s future on energy that’s controlled by foreign dictators, we are taking big steps down the road to energy independence, laying the groundwork for new green energy economies that can create countless well-paying jobs,” said President Obama during the signing ceremony. “It’s an investment that will double the amount of renewable energy produced over the next three years. Think about that — double the amount of renewable energy in three years.”
Provisions that will benefit the domestic energy industry include $16.8 billion for the Energy Efficiency and Renewable Energy Program. That funding specifies $800 million for projects related to biomass and $400 million for geothermal activities and projects, as well as $300 million for the Alternative Fueled Vehicles Pilot Grant Program.
The American Farm Bureau Federation is among many organizations praising the stimulus package.
AFBF president Bob Stallman says the renewable energy provisions in the package will help the agriculture industry and all Americans through the economic recovery period.
“The tax incentives for renewable energy, particularly for new renewable fuels, will help build an industry that will provide farmers and ranchers with income and the rural economy with jobs, while contributing to a cleaner environment and reducing dependence on imported oil,” said Stallman in a statement today.