After the 2008 crash, Barack Obama pumped 90 90 billion into window turbines, solar panels and batteries as part of his efforts to get the U.S. economy back on track. Proud “The largest single investment in history”.
The then Vice President Joe Biden wanted to dwarf the legacy of his former boss. The president proposed an injection of about ten times as much clean energy as the amount he used on Wednesday T 2tn infrastructure drive Take advantage of his promise to pave the way for America’s green future.
“The American Employment Plan will lead to transformational progress in our efforts to tackle climate change,” Biden said. “It’s not a plan to bark at the edge.”
The package will provide unprecedented government support for everything from electric vehicles to renewables, as well as set national targets for products suitable for exiting carbon-emitting energy sources. Analysts say investors will be given the long-term confidence needed to attract more private capital into the sector.
“It has now turned the whole clean energy transfer into a hyperdrive,” said Paul Bladeso, a strategic adviser at the Progressive Policy Institute and a former climate adviser to the Clinton White House. “What I do seems real for the first time, it provides absolute certainty for business investment in clean energy.”
Biden plans to transition more than $ 350 billion to direct clean energy – to run electric vehicle infrastructure, re-energize the grid and encourage research and development – as well as to increase and expand the tax credit for an estimated 400 400 billion clean energy production and storage. It will also set a “Clean Energy Standard” mandating utilities to generate carbon-free electricity by 2035.
Tax credit proposals, in particular, have received enthusiastic industry support. The package will be extended for 10 years of production and investment credit demanded by the renewable-energy generator.
Congress has repeatedly increased solar and wind credit over the past two decades, often even after its expiration of eleven hours or earlier. The latest increase is the end-of-year spending and the Covid-19 relief package. December.
Gregory Westston, chief executive of the American Council on Renewable Energy, said: “The forecast makes it much easier for us to get the investment we need to secure the growth we need in the fight against climate change.”
New tax credits will be available for grid-connected batteries, and energy storage technologies for at least 20 gigawatts of high-voltage power transmission lines that can connect remote solar and wind farms to more populated areas.
Larry Gasteiger, executive director of Transmission Trade Group Cables, said tax credits would cut costs for electricity consumers, although acceptance from utilities – which earns them regular income on the amount of money they invest in their infrastructure – was less certain. “Each utility is going to do this assessment on its own,” he said.
Biden has integrated climate change as one of the top priorities of his administration and has already issued several executive orders, Re-joining the Paris Agreement, Scraping Keystone XL oil pipeline And suspend New oil and gas leases On government land
With this latest plan, he hopes to make an electoral commitment to move the United States towards total darbonization of the power sector by 2035 and net-zero emissions in the entire economy by 2050.
Some analysts have questioned whether turning climate proposals into a larger infrastructure plan is the best way to pursue the president’s lofty green goals, but are reluctant to rely too heavily on White House regulations, which could be allied to the courts, and a Senate climate bill For will have to fight to collect ten Republican votes.
“So if you can’t do it by certain climate laws and you can’t do it by regulation, it can make a lot of sense to try to do it by doing something like the infrastructure bill,” said Harvard Energy and Robert Stevens. Professor of Economics.
“The advantage is that infrastructure can be bipartisan because there are widespread concerns about infrastructure, but that is why an infrastructure bill is naturally surpassing the facility,” he added, “and politicians, whatever their party.” . . Love to give benefits. “
However, many in the progressive wing of the Democratic Party feel that the proposals are too few. “It’s almost not enough.” Tweeted Alexandria Ocasio-Cortez, a spokeswoman for the Green New Deal, released the details of the plan. “The way must be big.”
Sierra Club director Ben Bichi agreed. In line with proposals published by the Progressive Democrats earlier this week, he suggested tripling the proposed biden spending to এক 1 million over the next decade. “This is a very welcome start but Congress needs to ramp it up now,” he said.
Republicans, on the other hand, have condemned the biden proposals as too costly. John Barraso, a senior Republican on the Senate Energy and Natural Resources Committee, dismissed them as “increasing socialist spending out of control.”
The president has indicated the priority of working with Republicans to gain bipartisan support for the package. But there is an expectation that Democrats can go it together using the reconciliation system to force a general majority through the Senate.
“We’ll have these conversations,” Biden’s climate czar Gina McCarthy said. “But rest assured, the president put a number there that he felt was not only defensive, it needed to fill this moment in time. We don’t just want to manage the future, we want to win it.
Additional report by Gregory Meyer of New York