Barack Obama will on Thursday propose to cut oil and gas subsidies to make way for new “green energy” tax incentives designed to encourage US businesses to upgrade their commercial buildings and make them more efficient.
White House officials said the move was intended to spur job growth in the construction industry and make commercial buildings 20 per cent more energy efficient by 2020. Officials declined to comment on the cost of the expanded tax credits, but said Mr Obama was “committed” to paying for the investments by eliminating subsidies for the oil and gas industry.
Just a hint of a Green New Deal?
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