Preventing a tax on carbon will not get you a free market energy industry. Instead, it will get you inefficiencies like this:
Abengoa SA was offered a $1.45 billion loan guarantee by the U.S. Department of Energy to build a 250-megawatt solar plant in Arizona, and Abound Solar Manufacturing was offered a $400 million loan guarantee toward two plants where thin-solar panels will be manufactured.
The guarantees through the Recovery Act and other measures are expected by the awardees to create more than 5,000 jobs, according to a statement from the White House.
Obama during his weekly address said the investments will help the country establish leadership in “cutting-edge” solar technology, and create jobs to aid economic recovery efforts.
A transition to a clean-energy economy and doubling use of renewable-energy sources including wind and solar power “have the potential to create whole new industries and hundreds of thousands of new jobs in America,” said Obama in the address.
H/T Arnold Kling