Obama to invest $150bn in renewables if elected

Obama says he is commited to tackling climate change

Democrat presidential candidate Barack Obama yesterday vowed to end the US " addiction" to Middle East oil, and invest $150bn in renewables if he becomes president.

Speaking in his keynote address to the Democrat's convention in Denver, Colorado, Obama devoted a relatively small slice of his speech to climate change, but still made some bold commitments, including a pledge to end all oil imports from the Middle East within a decade.

"For the sake of our economy, our security, and the future of our planet, I will set a clear goal as president: in 10 years, we will finally end our dependence on oil from the Middle East," he said.

He added that he would invest $150bn in wind, solar and third generation biofuels if he became president, a move he said would lead to the creation of five million new jobs in America.

Alongside the increased investment in renewables, he also committed to increase spending on natural gas, clean coal technology and nuclear power and pledged to "help our auto companies retool, so that the fuel-efficient cars of the future are built right here in America".

The speech follows a series of commitments to curb carbon emissions built around plans for a nationwide auction-based cap-and-trade scheme that would aim to cut emissions by 35 per cent by 2030 and 80 per cent by 2050.

In May, Obama also outlined plans to reduce biofuels subsidies if they proved to be causing food shortages, but insisted that third-generation biofuels were a key factor in tackling climate change.