Barack Obama’s green masterplan

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: When Barack Obama talked about harnessing renewables in his presidential address, he was summing up the agenda of his new green deal for an energy secure United States unveiled during his election campaign.

The New Energy for America plan provides for an investment of $150 billion over ten years to fuel private endeavours in clean energy, generate five million green jobs, do away with imports from the Middle East and Venezuela, generate 10% electricity from renewables by 2012, deploy 1 million US-made plug-in hybrids by 2015, and reduce greenhouse gas emissions 80% by 2050 and make the US a leader on climate change.

Five millions new green jobs are sought to be created by not only generating 10% of electricity from renewables by 2012, and 25% by 2025, but also by focusing on energy efficiency, weatherising one million homes annually and developing and deploying clean coal technology.

US-based as well as Indian companies are upbeat about the business potential of the energy plan. DuPont is not only looking forward to the administration and Congressional efforts to stimulate the US economy and address short-term needs, such as job creation, but also long-term goals, such as creating energy security and reducing greenhouse gases. “Efforts to foster innovation that will lead to new technology solutions in the area of alternative energy are welcome,” says a DuPont spokesperson. The company with its diverse portfolio of products in markets such as solar energy, among others, is well-positioned to benefit from the stimulus package.

Indian companies share the optimism. Commenting on Obama’s plans, K Subramanya, CEO, Tata BP Solar, says it will expand significantly the American market for renewable energy sources, including solar PV, which will in turn improve the prospects for Indian exports.

Subramanya adds, “America, as the world’s largest economy, has a demonstrative value for the rest of the world in terms of percolation effect.” As solar becomes more popular in the US, it is expected to catch on in the rest of the world helping expand market in countries like India, which will be accompanied by technological and new application development. Indian entities can benefit by entering into joint research, development and deployment of new renewable technologies, he explains.