Progress Report: the Transformation to a Clean Economy
"MEMORANDUM FOR THE PRESIDENT

FROM THE VICE PRESIDENT

SUBJECT: Progress Report: The Transformation to A Clean Energy Economy

I’m pleased to report that the administration is laying the foundation for a clean energy economy that will create a new generation of jobs, reduce dependence on oil and enhance national security. Through the Recovery Act and more effective use of programs already in existence, the administration is taking the critical steps to transform the United States into a global clean energy leader. The energy components of the Recovery Act represent the largest single investment in clean energy in American history and are leveraging private investment and fostering American innovation and ingenuity. The Recovery Act investments of $80 billion for clean energy will produce as much as $150 billion in clean energy projects. Existing investment programs could produce up to $90 billion in additional clean energy projects.2 These investments are designed to accelerate investment in clean energy projects and pull private investment off the sidelines. They are jumpstarting a major transformation of our energy system including unprecedented growth in the generation of renewable sources of energy, enhanced manufacturing capacity for clean energy technology, advanced vehicle and fuel technologies, and a bigger, better, smarter electric grid..."