Obama ups US energy budget to $28bn

US President Barack Obama has proposed a $28.4 billion (£18.5bn) budget for the US Department of Energy (DoE) for the fiscal year 2014. The figure is an 8% rise from […]

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By Priyanka Shrestha

US President Barack Obama has proposed a $28.4 billion (£18.5bn) budget for the US Department of Energy (DoE) for the fiscal year 2014.

The figure is an 8% rise from 2012, which includes increased funding for the DoE’s clean energy projects by more than 40% above the 2012 level.

Mr Obama also set two new goals – to cut US net oil imports in half by 2020 and double energy productivity in the nation by 2030, reports claim.

Detailing the President’s proposals, US Deputy Secretary of Energy Daniel Poneman emphasised Mr Obama’s continued commitment to an “all-of-the-above” energy strategy.

Mr Poneman said: “The United States faces one of the greatest challenges ahead, the opportunity to lead the global clean energy race. We must continue to out-innovate, out-educate and out-build the rest of the world to meet this challenge. This budget reflects strong commitments to fiscal responsibility and shared sacrifice, while embracing the President’s all-of-the-above energy strategy which expands both oil and gas production and investments in new clean energy technologies, while advancing our national security.”

The budget includes $615 million (£400m) to increase use and cut costs of clean power from solar, wind, geothermal and water, $575 million (£374m) for cutting-edge vehicle technologies research and $147 million (£95.6m) for research and development of smart grids.