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Executive Summary

President Obama has in two short months set the nation in a new direction when it 

comes to transitioning to a clean energy economy, stopping global warming and 

protecting the environment. 

The president’s proposed federal budget makes clean energy and environmental 

protection cornerstones of his Fiscal Year 2010 (FY2010) budget, by doing the 

following: 

• Includes an estimated $646 billion in revenues over 10 years from reducing 

global warming emissions and requiring polluters to pay for allowances to 

pollute; 

• Invests $150 billion from global warming revenues in clean energy industries 

such as wind, solar and geothermal power sources and supports efforts to 

increase energy efficiency. These renewable, home-grown energy sources can 

provide energy now and for generations to come and will create millions of 

green jobs; 

• Includes $17.2 billion in revenues from the polluter pays fee, which requires 

private industry to pay for the clean up of Superfund toxic waste sites; 

• Invests $3.9 billion to clean up America’s lakes, rivers and other fresh water 

sources. $2.4 billion of this is dedicated to the Clean Water State Revolving 

Fund – an Environmental Protection Agency program that disburses money to 

the states for repairs and improvements to sewage infrastructure; and 

• Ends taxpayer subsidies to Big Oil, resulting in $30 billion of benefits to taxpayers over 10 years.  

This report details specific environmental and economic benefits from these proposals for Virginia, which if approved lay the groundwork for curbing global warming pollution and protecting the environment. This report visually displays examples of these benefits with a comprehensive state map. 

Unfortunately, the proposed budget and subsequent policies to implement these proposals face major roadblocks from Big Oil and other special interests who are dedicated to defending the status quo. As this report shows, the environmental and economic benefits of this budget and the policies it assumes will benefit every state.