It’s the environment, stupid. With Obama on the verge of inauguration, despite the global financial crisis, it’s heartening that the environment seems to be remaining an important topic of discussion in the media and amongst pundits. On Thursday last week, House Democrats unveiled the details of their $835-billion economic stimulus plan, with $54-billion slated to go towards energy, including $20-billion in tax credits for alternative energy industries.

But is it enough? asks TIME.

The problem is that credits reduce a company’s tax bills, but many renewable energy companies are start-ups that have yet to become profitable — meaning they don’t pay enough taxes to benefit from a credit.

…

The answer is to make the tax credits directly refundable, so that if a solar start-up can use its credits to reduce its tax bill to below zero, it would actually receive a check from the government for the difference.

Green Inc. looks at where the rest of the money is going:

$11 billion for investment in smart-grid technologies

$8 billion in loan guarantees for renewable energy and transmission

$6.9 billion for energy efficiency help to state and local governments

$6.7 billion for retrofits to federal buildings

$6.2 billion for home weatherization, targeted at low-income families

$2.4 billion for carbon sequestration

$2 billion for loans guarantees and grants to automobile battery-maker

And the ‘grandfather of climate change’, Jim Hansen, tells the Guardian that Obama only has four years to save the planet.

In other US environmental news today:

Eight years of Bush’s environmental actions. Grist looks back at Bush’s environmental legacy with a neat but depressing timeline.

Krill, baby, krill. Sarah Palin’s back (will she ever really go away?), and she’s fighting to keep Beluga whales off the endangered species list.