As most decisions for the new U.S. president will be, President-elect Barack Obama’s renewable energy plan, which outlines the goal to double alternative energy production in three years, is receiving both praise and criticism in the media.
Wind and solar companies, who have struggled recently due to the sharp downturn in financing for renewable energy projects, hailed the move as a major step forward for the country. However, the rule that you can’t please everyone definitely fits in this situation, as some are saying that Obama’s renewable energy plans are too ambitious.
“Doubling over that period is a little more ambitious than one would have thought six months ago,” said Bank of America Securities-Merrill Lynch analyst Steven Milunovich. “It’s not a huge stretch goal but given what growth rates probably are now it’s realistic and may even be a little bit of a push.”
In his speech on Thursday, Obama asked Congress “to act without delay” to pass legislation that included doubling alternative energy production in the next three years and building a new electricity smart grid. And on Friday, it was announced by the administration that they plan to add 20 GW or more of wind power and 4 GW of geothermal and solar power in the next three years. These additions double the nation’s current renewable power base of 24 GW.
Following the announcement, shares of renewable energy companies sky-rocketed.