Barack Obama has announced green plans that cut subsidies for oil and gas but also encourage growth in the construction industry.
The President of the United States said: “I’ve asked Congress to eliminate the billions in taxpayer dollars that we currently give to oil companies. They are doing just fine on their own. So it’s time to stop subsidising yesterday’s energy; it’s time to invest in tomorrow’s.”
If the changes are adopted, companies that make energy-efficient building elements and controls, such as thermostats and air-conditioning, would benefit.
However, the move by the President to expand tax credits has led some Republicans to criticise the White House’s decisions as it may favour green companies.
The White House announces its budget proposal on February 14.