U.S. President Barack Obama, in his first address to Congress on February 24, said he will push for a carbon trading scheme and invest heavily in renewable energy.

“To … save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy,” Obama said. He listed energy as one of “three areas that are absolutely critical” to the economic future of the U.S.

Solar, wind and bio fuels — along with “clean coal” and battery-run cars — will receive investments of US$15 billion a year.

This announcement is expected to have an impact on OCED countries that have fallen behind in their invesment in renewable energy and to put pressure on others to develop cap-and-trade schemes to reduce greenhouse gas emissions. Australia’s carbon scheme kicks in during mid-2010.