U.S. federal clean energy funding to fall by more than 50% in 2012
U.S. Federal Clean Tech Spending 2009-2014 (source: Brookings Metropolitan Policy Program)
Alexander Richter
9 May 2012
Federal funding for the clean tech sector is to see a dramatic fall of more than 50% for 2012 and more to come in 2013 and 2014.
There is the ongoing fear of the expected financial drop in the U.S, given expected tax hikes and spending cuts. For the clean tech and renewable energy sector though the drop could be even harder, so a recent article in the U.S.
Annual federal clean tech expenditure had already seen a drop by $10 billion between 2009 and 2011, now that the Recovery Act is wound down. But not a drop of more than 50% expected this year, there will be another decline in 2013 and 2014.
This essentially is devastating for all the renewable energy sectors that are not competitive with conventional energy resources or are dependent on incentives to help with development, such as for geothermal energy.
There is now talk about that despite the drop there won´t be a “clean tech crash”, but it will have to be seen if it will be possible to foster the development of well-designed policies with the upcoming presidential elections in the U.S. this fall and the deadlock between the two houses in Washington.
Source: Finance Yahoo
