The cap and trade bill passed by the U.S. House to combat global warming on Friday night includes a provision doubling the amount of federal money available to fund the development and manufacture of more fuel efficient vehicles from $25 billion to $50 billion. Automotive News reports:
Federal loans to automakers and suppliers for development of electric vehicles and other advanced-technology cars would be doubled to $50 billion under a bill passed by the House on Friday night.
The climate-change legislation — the centerpiece of which is a cap-and-trade system for power plants, oil refineries and factories — now goes to the Senate, where its fate is uncertain. The Senate rejected a similar bill last year.
The Obama administration lobbied hard for the 1,200-page bill, which passed 219-212. It is the first legislation to address global warming by seeking to curb heat-trapping gases.
Ford has already been awarded $5.9 billion from the first $25 billion allocated for that purpose, but the company is hoping to double that amount if the second $25 billion is passed.