An $50-billion loan package signed by President Barack Obama today aims to spur investment in the energy sector and spur construction of renewable energy projects across the country.
The $20 billion in loans will fund projects across a range of sectors including energy, water, transportation, energy efficiency, and energy efficiency research.
The administration is working with state and local governments and local communities to establish a task force to work on the plan, the White House said.
The program is a direct response to the threat posed by climate change and other threats to the country’s energy infrastructure.
President Obama signed the new bill in the Oval Office, flanked by Treasury Secretary Tim Geithner and Secretary of State Hillary Clinton.
The president is also directing the Environmental Protection Agency to develop a plan for expanding the use of wind energy in the United States.
Wind power has become increasingly important to the United Kingdom’s economy, and the U.S. has become the world leader in installing wind turbines.
The Energy Department will also work with other agencies to encourage investment in renewable energy in order to meet the challenges posed by the global energy crisis, the administration said.