Renewable energy and clean tech companies and exchange traded funds (ETFs) are getting the boost they need to put their plans into action. President Barack Obama has allocated $2.4 billion toward the sector in yesterday’s budget.
Obama’s new clean energy budget dusts the old one, which had just $113 million allocated to renewable energy initiatives, reports Laura Isensee for Reuters. Although the money has increased, criticism remains.
J.P. Morgan analyst Christopher Blansett said that measures in the budget, such as $500 million in credit subsidies for energy efficiency and renewable energy projects, do not account for much in the “big picture perspective.” [Will it be enough to rally green energy jobs?]
Nevertheless, indexes reacted positively to the allotted cash. The WilderHill Clean Energy Index, which includes solar power companies, battery maker A123 Systems and other clean energy companies, closed up nearly 3% on Monday. [Other ways to play energy with ETFs.]
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