The text of Obama’s speech has been released. Here’s what it says about climate and energy:

Next, we need to encourage American innovation.  Last year, we made the largest investment in basic research funding in history – an investment that could lead to the world’s cheapest solar cells or treatment that kills cancer cells but leaves healthy ones untouched.  And no area is more ripe for such innovation than energy.  You can see the results of last year’s investment in clean energy – in the North Carolina company that will create 1200 jobs nationwide helping to make advanced batteries; or in the California business that will put 1,000 people to work making solar panels.

But to create more of these clean energy jobs, we need more production, more efficiency, more incentives.  That means building a new generation of safe, clean nuclear power plants in this country.  It means making tough decisions about opening new offshore areas for oil and gas development. It means continued investment in advanced biofuels and clean coal technologies.  And yes, it means passing a comprehensive energy and climate bill with incentives that will finally make clean energy the profitable kind of energy in America.

I am grateful to the House for passing such a bill last year.  This year, I am eager to help advance the bipartisan effort in the Senate.  I know there have been questions about whether we can afford such changes in a tough economy; and I know that there are those who disagree with the overwhelming scientific evidence on climate change.  But even if you doubt the evidence, providing incentives for energy efficiency and clean energy are the right thing to do for our future – because the nation that leads the clean energy economy will be the nation that leads the global economy.  And America must be that nation.

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The “comprehensive” is an oblique reference to a cap, but there’s no specific call-out for it, much less a veto threat. Pretty weak tea.