By Tom WilliamsPresidential aspirant Barack Obama on Monday announced sweeping climate change policies to halt the economic impact of the devastating climate change caused by global warming, but he is also going after subsidies for fossil fuels and the oil and gas industry.
Obama announced his landmark plan to curb carbon pollution, which is caused by the burning of fossil fuels, during his keynote address at the United Nations Climate Change Conference in Paris, France, on Friday.
The move comes as Republicans in Congress continue to push for a tax on fossil fuels.
The Republican tax plan, unveiled last month, would hit energy companies with a 28 percent tax rate.
The tax would be phased in over several years, with the first $10 billion in revenue to go to the Treasury.
Obama said the tax would cost $150 billion over 10 years.
The president’s plan also would provide a $10,000 tax credit for families earning more than $200,000 a year, a $100,000 credit for students earning less than $100 a year and a $250,000 deduction for businesses that sell more than 1 million gallons of fuel.
The White House said in a statement that Obama’s plan “will bring trillions of dollars of savings to our economy through a combination of tax relief, new investments in energy efficiency, and investments in clean energy and innovation.
This is an important step forward to protecting our environment, our economy and our families from the devastating impacts of climate change.”
The president said he would issue executive orders next week directing the Department of Energy to review and develop new policies to reduce the cost of fossil fuel and energy subsidies.
He said he expects the executive orders to “go a long way to ensuring that fossil fuel companies and investors do not benefit at the expense of American families.”
The president also said the White House will be announcing more climate change actions in the coming weeks.