President Barack Obama set a target for power plants to produce mostly clean electricity by 2035 — including power from sources like clean coal and natural gas — in his State of the Union address on Tuesday.
Obama also called for investment in clean technologies and urged Congress to eliminate billions of dollars in subsidies for oil companies.
“I don’t know if you’ve noticed, but they’re doing just fine on their own,” Obama said about oil company profits. “So instead of subsidizing yesterday’s energy, let’s invest in tomorrow’s.”
Such a move, which Obama has repeatedly urged since taking office in 2009, would hit U.S. operations of oil majors such as Exxon Mobil, British Petroleum and ConocoPhillips. In last year’s budget Obama had called for an end to nearly $40 billion in subsidies for oil, gas and coal companies, a proposal that failed.