Pelosi backs House energy bill with vote expected next week

House speaker Nancy Pelosi backed U.S. energy policy being proposed by the House Energy and Commerce committee, saying it will help grow the economy and create jobs.

If we not move on to a new energy policy it will be very costly to our economy, Pelosi said in an interview with CNBC's John Harwood that aired Friday. She added that energy, along with education and health care are top priorities of President Barack Obama's administration.

Henry Waxman Chairman of the committee said Wednesday he expects the American Clean Energy and Security Act to be voted on in Congress next week, ahead of Memorial Day.

The climate bill proposes renewable energy standards and a cap and trade system to cut greenhouse gas emissions and enhance national security. It is regarded as one of the most important pieces of legislation in decades.

The final version of the climate bill was made available to the public on Friday.