As the White House considers curtailing subsidies to traditional domestic energy suppliers, its support of alternative energy has soared — and it’s sending millions to India.
A new report from the Department of Energy shows that subsidies to the solar and wind industries skyrocketed 626 and 946 percent, respectively, between 2007 and 2010. Total subsidies to these industries rose from $5.1 billion to $14.67 billion in that period, reports CNSNews.com
In April, President Barack Obama reiterated his call for an end to subsidies to oil and gas companies and said that, “instead of subsidizing yesterday’s energy, we should invest in tomorrow’s.”
But Americans aren’t the only ones benefiting from Obama’s interest in sustainable energy. The U.S. government’s own Export-Import Bank has loaned $75 million to Indian solar initiatives, with an additional $500 million on the way before the end of the year.
The bank claims that supporting solar projects in emerging markets like India creates jobs in the United States, because those nations buy U.S. services and goods.
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