Obama Addresses Greenhouse Gas Emissions

Barack Obama is proposing a "cap and trade" approach to reduce global warming emissions that will require businesses to buy allowances if they pollute, creating an incentive to reduce energy usage. Obama proposes:

1) Using $150 billion from the sale of allowances to stimulate climate-friendly energy and economic development, including developing the next generation of biofuels and fuel delivery infrastructure.

2) Accelerating commercial production of plug-in hybrid vehicles.

3) Promoting larger-scale renewable energy projects and low-emission coal plants.

4) Making the electricity grid digital.

5) Making government, businesses and homes 50 percent more energy efficient by 2030.

6) Making all federal government buildings carbon neutral by 2025.

7) Phasing out incandescent light bulbs by 2014, estimated by Obama to save consumers $6 billion a year on their electric bills. (AP)