Earth Equity News

McCain Backs $300 Million Prize to Developer of New Auto Battery. By Glen Johnson, AP, June 23, 2008. "John McCain... is proposing a $300 million government prize to whoever can develop an automobile battery that far surpasses existing technology... [saying in remarks today at Fresno State University in California that] such a device should deliver power at 30% of current costs and have 'the size, capacity, cost and power to leapfrog the commercially available plug-in hybrids or electric cars.' The Arizona senator is also proposing stiffer fines for automakers who skirt existing fuel-efficiency standards, as well as incentives to increase use of domestic and foreign alcohol-based fuels such as ethanol. In addition, a so-called Clean Car Challenge would provide U.S. automakers with a $5,000 tax credit for every zero-carbon emissions car they develop and sell. 'In the quest for alternatives to oil, our government has thrown around enough money subsidizing special interests and excusing failure,' said excerpts from McCain's prepared text. 'From now on, we will encourage heroic efforts in engineering, and we will reward the greatest success.'"