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FACTBOX: Green side of presidential candidates
October 31, 2008 / 12:49 AM / 9 years ago

FACTBOX: Green side of presidential candidates

WASHINGTON (Reuters) - Although gasoline prices are falling, the environment and energy independence are still hot topics in the U.S. presidential race.

Calls for energy independence are touted from both Democratic hopeful Barack Obama and John McCain of the Republican party. The following outlines the plans by both candidates on renewable energy:

OBAMA

* Establish a federal renewable fuel standard that requires 10 percent of electricity to come from clean energy sources by 2012. Solar, wind and geothermal energy will be used.

* Extend the federal Production Tax Credit for five years.

* $150 billion over 10 years for plug-in hybrids, clean coal, renewable energy, energy efficiency and other elements essential to a clean energy economy.

* Investments will help generate 5 million new green jobs in the private sector that cannot be outsourced.

* $1 billion per year grant program to modernize manufacturing and ensure workers have the skills and tools needed to create and operate green technologies of the future.

* Develop next generation biofuels.

* Create a National Low Carbon Fuel Standard that in 2010 will require a 5 percent drop in carbon in fuel within five years and 10 percent drop within 10 years.

* Increase fuel economy standards by 4 percent each year.

* Invest in research and development of plug-in hybrids, flex-fuel vehicles and advanced battery technology.

* Put 1 million plug-in electric vehicles on road by 2015.

* $4 billion retooling tax credits and loan guarantees for U.S. auto plants and parts manufacturers so new fuel efficient vehicles can be built in the United States.

* $7,000 tax credit to consumers that purchase advanced technology vehicles.

* A cap-and-trade system where industry pays for emissions by auctioning off all pollution credits.

MCCAIN

* Promote wind, hydro, solar and other sources of renewable energy through a system of tax credits to remain in place until the market can make due without tax dollars.

* Create a permanent tax credit for companies equal to 10 percent of wages spent on research and development of alternative sources of energy.

* Make the United States a leader in developing and deploying new green technologies.

* Eliminate mandates, subsidies, tariffs and price supports for corn-based ethanol to drive industry toward development of second generation biofuels that do not compete with food crops.

* $5,000 tax credit for buying a zero carbon emission car. A graduated tax credit for other vehicles in which the fewer emissions the car produces, the higher the tax credit.

* $300 million reward to developer of a battery that allows for commercial development of plug-in cars.

* Calls on automakers to make a complete switch to flex-fuel vehicles so all future cars can utilize clean fuels.

* Strengthen penalties for noncompliance with Corporate Average Fuel Economy standards for vehicles.

* Use a cap-and-trade system that would force entities to buy and sell rights to emit greenhouse gases.

* Cut emissions to 2005 levels by 2012; cut emissions to 1990 levels by 2020; cut to 22 percent of 1990 levels by 2030; and cut to 60 percent of 1990 levels by 2050.

Compiled by Jasmin Melvin

Our Standards:The Thomson Reuters Trust Principles.
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