Obama seeks $5 bn for clean energy from Congress

US President Barack Obama has urged the Congress to invest $5 billion in tax credits for clean energy manufacturing so that America can regain world leadership in this field.

"I believe that if an American company wants to innovate, grow, and create jobs right here in the United States, we should give them the support they need to do it," Obama said.

"That's why I'm urging Congress, once again, to invest $5 billion in these clean energy manufacturing tax credits. It's an investment that will generate $12 billion or more in private sector investment and tens of thousands of new jobs," he argued.

Reiterating that the nation that wins the race for clean energy economy will lead the 21st century economy, the President said other nations were taking steps on this regard.

"They've been investing heavily in that future. They want those jobs. But the United States of America doesn’t play for second place. We compete to win. And we will win this if we move forward free of politics, focused on just what it takes to get the job done," Obama asserted.

Noting that this is an idea that already has bipartisan support but delayed for months, he urged the Congress to not let politics get in the way of doing what is right for US economy and its future.

"Don't bet against the American worker or lose faith in American industry. This is a nation that has always been proud of what it builds, and it is that spirit that's going to lead our recovery forward," he said.

Referring to the extraordinary growth experienced in the clean energy sector in recent months, Obama said this has been due to the entrepreneurial drive of US businesses and workers.

"But it's also due to the fact that we invested in them. One of these investments came in the form of clean energy manufacturing tax credits."

The government is willing to leverage more investment on its part if the clean energy firms were willing to put up their capital for a worthy endeavour, Obama said.

"The only problem we have is, these credits worked so well, there weren't enough to go around. More than 180 clean energy projects in over 40 states received $2.3 billion in tax credits, but the program was such a success that we received 500 qualified applications for $8 billion in tax credits," he said.