Economic Stimulus Package Will Boost Science and Green Tech | 80beats | Discover Magazine

Also in his inaugural address, Obama promised: “We will harness the sun and the winds and the soil to fuel our cars and run our factories.” The $40 billion pledged to the Department of Energy is a downpayment on that goal, but it’s only one part of the $100 billion in initiatives that are currently part of the nearly $900 billion stimulus package. As it stands, the bill would use tax cuts and government spending for a wide range of projects - everything from building wind farms to helping you replace your energy-hogging refrigerator [CNN]. Money would also go to other environmental projects like industrial site cleanups, improvements in national parks, and upgrades to public transit.

Obama has said repeatedly that building a new energy economy is at the center of his plans to boost the economy and get people back to work. By 2025, the Obama administration hopes one-fourth of the nation’s energy will come from renewable sources. Over the long term, the president hopes to create millions of new jobs by investing $150 billion in taxpayer money to help private companies develop new sources of clean energy, such as wind, solar and geothermal power [CNN]. The stimulus money may shore up young renewal energy companies that are suffering in this economic climate. Many solar power companies have been forced to lay off workers as orders have fallen, and several ambitious wind power projects have stalled when financing deals fell threw.

Economic Stimulus Package Will Boost Science and Green Tech | 80beats | Discover Magazine