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For Immediate Release
March 5, 2008
Fact Sheet: Increasing Our Energy Security and Confronting Climate Change Through Investment in Renewable Technologies
The United States Is Reducing Dependence On Oil By Diversifying Energy Supply, Increasing Energy Efficiency
Today, President Bush spoke to the Washington International Renewable Energy Conference and discussed the importance of renewable and alternative energy technologies to increasing America's energy security and addressing the long-term challenge of global climate change. The more sources of energy we have, the less influence any one of them, such as oil, has over the United States' security and prosperity. Renewable energies are some of the most promising new sources for energy because they are clean and because their supply can be regenerated. The Washington International Renewable Energy Conference brings together government, civil society, and private sector leaders to address benefits and costs of the global deployment of renewable energy technology.
The United States Is Increasing Renewable Fuels And Reducing Its Dependence On Oil Through Improved Energy Efficiency
In December, President Bush signed the Energy Independence and Security Act (EISA) of 2007, which responded to his "Twenty in Ten" challenge in last year's State of the Union Address to improve vehicle fuel economy and increase alternative fuels.
Additionally, the Act advances the following efficiencies:
The President is reducing dependence on oil through the development and use of vehicles that run on different sources of energy. President Bush is:
In December, President Bush signed into law new loan guarantee authorities to support alternative energy sources. The new authority would allow additional loan guarantees of up to $38.5 billion, of which $18.5 billion in loan guarantees will support construction of new plants and enable nuclear plant owners to reduce their interest costs. $10 billion of loan guarantees will go towards renewable and/or energy efficient systems and manufacturing, and distributed energy generation, transmission, and distribution. This loan guarantee authority also includes: $6 billion for coal-based power generation and industrial gasification activities at retrofitted and new facilities that incorporate carbon capture and sequestration or other beneficial uses of carbon; $2 billion for advanced coal gasification; and $2 billion for advanced nuclear facilities for the "front-end" of the nuclear fuel cycle.
The United States Is Reducing The Use Of Gasoline In Cars And Trucks And Replacing It With Alternative Fuels
Since 2001, ethanol production has quadrupled from 1.6 billion gallons in 2000 to an estimated 6.4 billion gallons in 2007, with the vast majority coming from corn. In 2005, the United States became the world's leading ethanol producer, and last year, the U.S. accounted for nearly half of worldwide ethanol production.
The Administration is also investing in next generation biofuels such as cellulosic ethanol. This can be made from wood chips, switch grass, and other agriculture products. With the President's 2009 Budget, the Department of Energy has dedicated about $1 billion since 2001 to develop technologies that can make cellulosic ethanol cost-competitive. Since the President took office, the projected cost of cellulosic ethanol has dropped by more than 60 percent.
Last year, the U.S. produced about 450 million gallons of biodiesel up 80 percent from 2006. Today, there are more that 650 biodiesel fueling stations, and hundreds of fleet operators use biodiesel to fuel their trucks. Every year, more Americans are realizing the benefits of biodiesel, which can produce fuel from soybeans and other vegetable oils, including waste products like recycled cooking grease.
Over the last five years, the U.S. Government has invested about $1.2 billion in hydrogen research and development to help bring hydrogen fuel cell vehicles to market. These vehicles use no gasoline at all, and emit clean, pure water.
The United States Is Reducing Dependence On Oil And Other Fossil Fuels By Replacing Them With Alternative Energy Sources To Power Our Homes And Workplaces
Since 2001, the U.S. has increased wind energy production by more than 300 percent. Last year, more than 20 percent of new electrical generating capacity added in the U.S. came from wind up from just three percent a few years ago and the U.S. installed more wind power capacity than any other country in the world.
Between 2000 and 2007, the United States' solar energy capacity doubled and last year, U.S. solar installations grew by more than 32 percent.
President Bush supports an increase in the use of nuclear power as a clean, efficient energy source to meet America's growing needs for electricity. Nuclear power can generate massive amounts of electricity without causing any air pollution or emitting greenhouse gases, and a growing number of people believe it is an environmentally necessary choice.
Investing In Renewable Energy Technologies Is One Of The Best Ways To Address The Long-Term Challenge Of Global Climate Change
The United States is forming international partnerships to pursue clean sources of renewable energy.
1. A first-ever WTO agreement on worldwide elimination of tariffs on a specific list of climate friendly technologies recently identified by the World Bank.
2. A higher level of commitment on the part of the developed and the most advanced developing countries to eliminate barriers to trade across a broader range of other environmental technologies and an array of environment-friendly services.
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