Hope in the air

In what is now the talk of the globe - yes, the Obama speech - if there is one phrase that could sum up the essence of that well-thought out, comprehensive and restrained address, it is the call for ‘a new foundation for growth’.

In all that he spoke, the American economy, foreign affairs or global warming, the new US president Barack Obama set a new line of thought going. On rolling ‘back the spectre of global warming’ and restoring ‘science to its rightful place’… and wielding technology's wonders to raise health care's quality and lower its cost, it was a new foundation.

Especially in the field of energy, the address saw him talk of harnessing ‘the sun and the winds and the soil to fuel our cars and run our factories.’

Obama has earlier too called for an effort to overhaul US energy policy on the scale of the Apollo . His plan includes unleashing 150 billion dollars over 10 years to create five million new green jobs, an 80-percent reduction of greenhouse gas emissions by 2050 and ensuring that 10 percent of US energy consumed comes from renewable sources by 2012 and 25 percent by 2025.

Obama's stimulus plan revealed last week called for doubling the production of renewable energy in three years. It envisages energy-efficient retrofits for 75% of government office buildings, and weather-proofing for two million homes.

At an Ohio factory that makes components for wind turbines, he said, "A renewable energy economy isn't some pie-in-the-sky, far-off future…it’s happening all across America right now. It's providing alternatives to foreign oil now. It can create millions of additional jobs and entire new industries if we act right now."

But the task of convincing Congress to pass a law restricting emissions will be difficult. Especially to negotiate a specific target and reach a full and final agreement in the few months before Copenhagen may be tough. Experts are suggesting an intermediary agreement that talks of a post 2012 framework, but not specific commitments from each country.

This is important because developing nations like India and China that have not ratified Kyoto protocol will act according to what the US does.

But Obama also said 'we will not apologize for our way of life'! even if he added '…each day brings further evidence that the ways we use energy strengthen our adversaries and threaten our planet…'

Again a message in that? And if the Americans will not change their way of life, why should the aspiring developing world not aim for that?

Either way, the world will be watching Obama closely. Perhaps new foundations for growth will spring up in more than the US.