"We'll invest $15bn a year over the next decade in renewable energy, creating five million new green jobs that pay well, can't be outsourced and help end our dependence on foreign oil." ~ Barack Obama

Barack Obama has recognized the “immediate threat” of climate change and has referenced it as a “planet in peril”. He supports the cap-and-trade scheme. This scheme has already been adopted in Northeast U.S. and the European Union.

Under this plan, there will be an overall limit to the amount of pollution allowed by companies. If they can pollute less than their allowed quota, such companies have the option to sell their permits. Polluters who are exceeding their quota will have to buy the permits from the former. The open market economy therefore helps to control pollution emission.

Obama’s target is to reduce Carbon Dioxide (CO2) and other greenhouse gases to the 1990 level by the year 2020. By 2050 the goal is to reduce 80% from the 1990 level.

What are the measures to do achieve Carbon emission and green house emission reduction?

1. Cap-and-trade.
2. Auction permits and use the raised funds to support alternative renewable energy projects.
3. Invest in infrastructure upgrades for energy.

Obama’s renewable energy goal:
1. Renewable energy will be the linchpin of the Obama administration’s climate policy.
2. Renewable energy to account for 10% of US national energy needs. It is at 8% right now. This should happen with in his first term.
3. Obama has pledged $150 billion for renewable energy over a 10 year period.
4. Create 5 million “green collar jobs” during this time period.
5. Obama does support managed offshore drilling.
6. Speed up carbon-capture-and storage technology research – clean coal technology. During the Bush administration FutureGen (a clean tech initiative for Il) was cancelled.
7. Obama does support corn-based ethanol technology.
8. Obama has pledged to raise federal fuel efficiency requirements
9. Encourage policies to enable American automakers to manufacture plug-in electric-gas hybrids and other alternative fuel vehicles.