Bush seeks new renewable energy funds to fight warming fund (Roundup)

Jan 29, 2008, 4:56 GMT

Washington - US President George W Bush on Monday called for increased national and international spending on clean energy sources in an effort to fight climate change and reduce the United States' reliance on foreign oil.

'Our security, our prosperity and our environment all require reducing our dependence on oil,' Bush said in his annual State of the Union speech.

Investment to develop new technologies is the 'best way' for the United States to meet its goal of 'strengthening our energy security and confronting global climate change.'

Bush reiterated his support for creating an 'international clean technology fund' to help developing countries combat global warming, an initiative Bush first proposed in September at a US-sponsored conference on climate change.

The White House said the US would commit 2 billion dollars over three years to the fund, an amount that was derided by environmental groups as far too little to have a significant impact.

'The White House must go much further if it wants to be seen as a leader on climate action,' Eileen Claussen, president of the Pew Center on Global Climate Change, said in reaction to Bush's speech.

Clausson pointed to Japanese Prime Minister Yasuo Fukoda's pledge Saturday of 10 billion dollars for developing nations. Fukoda made the offer at the World Economic Forum in Davos, Switzerland, saying that climate change would top the agenda of the G8 summit hosted by Japan next July.

Bush called for greater US spending to research promising energy alternatives including carbon sequestration, which could allow for clean coal power plants, and building new nuclear power plants.

Bush said that the US remains committed to an international agreement that has the 'potential to slow, stop and eventually reverse the growth of greenhouse gases,' but he did not specify the kind of commitments that should be included.

He said that no major economy should be given a 'free ride' in tackling climate change - an implicit knock on developing major emitters led by China and India.

The US has withheld its support for binding international targets on the greenhouse-gas emissions blamed for global warming, largely on the argument that developing countries have not committed to similar goals.