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White House wants Congress to create ${esc.dollar}2 billion green energy fund

Source: Thomson Reuters Foundation - Wed, 13 Feb 2013 16:49 GMT
Author: Reuters
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WASHINGTON, Feb 13 (Reuters) - President Barack Obama is asking Congress to create a green energy fund seeded with ${esc.dollar}2 billion in fees paid to the government by oil and gas producers for using federal lands, the White House said on Wednesday in a memo detailing a plan announced in Obama's State of the Union address.

"This ${esc.dollar}2 billion investment will support research into a range of cost-effective technologies - like advanced vehicles that run on electricity, homegrown biofuels, and domestically produced natural gas - will be funded by revenue generated from federal oil and gas development," according to a White House outline of the initiative.

The program's aim would be "shifting our cars and trucks off oil," the memo said, while also saying that the United States would continue to rely on "responsibly produced oil and natural gas."

Obama said in Tuesday night's address that his administration would promote a shift from carbon fuels to emissions-free energy sources that do not promote global warming.

Wednesday's memo called on Congress to establish what the White House called an Energy Security Trust that would be administered by the Energy Department.

The White House also aims to marshal international help, like the G20 group of most developed nations, to continue to advance a clean-fuel program. (Reporting by Patrick Rucker; Editing by Will Dunham)

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