Obama says renewable energy key to economic future

[OKIsItJustMe]

http://uk.reuters.com/article/environmentNews/idUKTRE51876P20090209

Obama says renewable energy key to economic future

Mon Feb 9, 2009 8:29pm GMT

By Tom Doggett

WASHINGTON (Reuters) - U.S. President Barack Obama on Monday pushed for more investment in solar and wind energy, saying the country that can make renewable energy sources price-competitive with traditional fossil fuels will become the economic superpower of the future.

Obama, speaking at a townhall meeting in Elkhart, Indiana, said renewable energy companies needed tax breaks and loan guarantees to provide incentives for firms to manufacture and customers to purchase solar and wind energy.

Obama acknowledged that while the cost of producing electricity by wind and solar has declined, it is still cheaper to generate power from plants fueled by coal or natural gas.

However, Obama said he wanted the government to invest every year in new technologies to drive down renewable energy costs over the long term.

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