Senator Barack Obama’s energy plan includes imposing a national cap on carbon emissions, investing $150 billion over 10 years to develop new energy sources and reducing dependence on foreign oil by 35 percent by 2030, The New York Times reports.

If he was elected, the government would set a national cap on carbon emissions, which by 2050 would be reduced to 80 percent below the levels in 1990.

He proposed instituting a mandatory cap and trade program with businesses required to buy emission allowances, which Obama says would create financial incentives to limit energy use or reduce emissions.

Obama’s energy plan would use some of the revenue generated from the cap-and-trade permit auction to invest in climate-friendly energy development including advanced biofuels, locally-owned biofuel refineries, low-carbon coal technologies, and nuclear power.