FY 2011 Budget Proposal

President Obama unveiled the fiscal year 2011 budget model on February 1, 2010, emphasizing the need to create jobs, invest in a clean energy economy and return to fiscal responsibility. The $3.8 trillion proposal includes a deficit neutral comprehensive system for reducing global warming pollution, many investments in renewables and efficiency and $1.4 billion in international financing for developing countries to adapt to climate change and develop low carbon pathways.

Financing for climate related projects spans many departments, therefore a single projection is unclear. Instead, a "whole-of-government" effort to reduce reliance on fossil fuels and promote clean technology innovation is demonstrated in each individual department's targets. It is unfortunate that the budget contains $36 billion in loan guarantees for the nuclear industry therefore subsiding an expensive non-renewable resource. However in keeping with the promise made at the G20 in 2009 also included are $40 billion worth of cuts to fossil fuel subsidies over the next decade. "That's why we build on the largest investment in clean energy in history, as well as increase investment in scientific research," said President Obama during a press conference, "so that we are fostering the industries and jobs of the future right here in America."