President Obama wants to increase the amount of money spent on research and development of clean energy by 20 percent next year, spending a total of $7.7 billion.
The commitment is a part of the United States’ role in Mission Innovation, a pledge among 19 countries to double their research and development budgets for renewable energy by 2021. Obama wants the U.S. to spend $12.8 billion on research and development of clean energy by fiscal 2021.
To meet that goal, the U.S. needs to increase its spending on research and development of renewables about 15 percent each year leading up to 2021, according to the White House.
In his formal announcement of the proposal Saturday in his weekly address, Obama said his budget proposal for fiscal 2017 is about investing in the future.
“The budget I will send to Congress this Tuesday will double funding for clean energy research and development by 2020,” Obama said. “This will include new investments to help the private sector create more jobs faster, lower the cost of clean energy faster, and help clean, renewable power outcompete dirty fuels in every state.”
The goal of Mission Innovation is to make renewable energy viable, especially in developing countries. The partnership was announced on the first day of the Paris climate talks in November.
The pact is backed by a coalition of rich investors, led by Microsoft founder and billionaire Bill Gates, who announced their resolve to invest in companies that would bring affordable green energy to the marketplace.
Most of the proposed spending, about 80 percent, will be done by the Department of Energy, the White House said.
Among the proposed Energy Department spending in Obama’s budget proposal is $1.8 billion for research on production, conversion, storage and use of clean energy; $880 million for the agency to develop cleaner and more affordable vehicles and renewable fuels; and $804 million for supporting nuclear energy technologies.
Other spending includes $512 million for the National Science Foundation, $348 million for clean energy research at the National Aeronautics and Space Administration, $106 million for the Department of Agriculture and $10 million for the Department of Housing and Urban Development.
In addition, the U.S. Agency for International Development will start a new research and development initiative to support clean energy efforts in developing nations.
Much of the spending will be spent to help cover the gap between private-sector funding for research and development and the money needed to develop greener energy, Obama said.
“We’ll only meet this challenge if the private sector helps lead the way,” Obama said.
Senior administration officials told reporters on Friday they believe there is congressional support for the president’s proposal.
“We have folks on both sides of the aisle who have been regularly advocating for these kind of increases,” one official said.
