Tuesday, November 25, 2008

Why Obama's plan for alternative energy is more important than ever

Against this, the current economic slump could have serious long-term environmental consequences, because it may reduce investment in greener production technologies without fundamentally changing the longer-term emissions picture. With so many renewable energy projects and programs in their nascent stages, their success is easily undercut by lack of credit or financing.-Elisabeth Rosenthal, NY Times

One more reason why I am happy that Barack Obama has been elected. With the global slowdown and dropping oil prices, alternative energy will be less attractive for investors for a certain period. That is why Obama's plan to invest massively in alternative energy is more important than ever. Government funding can help the industry while times are rough so that it is able to continue to develop. This way when the economy kicks in and oil prices go back to 150$/gallon, alternative energy sources might actually present itself as some sort of alternative.

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