President Barack Obama has outlined a plan to provide $2bn in funding for research into clean energy technologies that help reduce US’ dependence on fossil fuels.
Funds will be diverted out of the royalties that the federal government receives from offshore oil and gas leasing, to be placed in the proposed Energy Security Trust for the next ten years.
"These revenues are projected to increase over the next several years based on a combination of leasing, production, and price trends, with additional revenues potentially generated as a result of reforms being proposed in the FY 2014 Budget," said a statement released by the White House.
The research will look to make renewable technologies such as advanced vehicles that run on electricity, homegrown biofuels, fuel cells more cost efficient and affordable.
President Obama was quoted as saying by the Washington Post that after years of talking about it, the country was finally poised to take control of its energy future
The Energy Security Trust, when collaborated with other Administration policies, is expected to strengthen the nation’s overall position in advanced transportation technology.