The US Treasury announces US$500m for clean and renewable energy projects

Treasury Secretary Geithner, says: “This renewable energy programme will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalise our nation’s economy.”

Energy Secretary Chu adds: “These grants will help America's businesses launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs. The initiative will help double our renewable energy capacity over the next few years and make sure America leads the world in creating the clean energy economy of the future.”

The programme is expected to provide more than US$3 billion in financial support for clean and renewable energy projects by providing direct payments in lieu of tax credits.

The payments will support an estimated 5000 renewable energy projects such as biomass, solar, wind, and other types of renewable energy production facilities in all regions of the country over the life of the programme.

As a result of the first round of funding, more than 2000 Americans will have access to jobs in the renewable energy industry – both in construction and in manufacturing – while moving the nation closer to meeting the Administration's goal of doubling renewable energy generation in the next few years, the Department of Energy (DoE) says.

The chart below shows projects funded as part of the announcement.