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Biden throws the weight of the U.S. government behind clean energy

Biden throws the weight of the U.S. government behind clean energy

Barack Obama puts $ 90 billion in wind turbines, solar panels and batteries in an effort to get the US economy up and running after the 2008 accident boast “the largest investment in clean energy in history.”

Joe Biden, the then vice president, wants to diminish the former leader’s legacy. The President announced on Wednesday a proposal to incorporate this figure into almost ten times clean energy, as it uses a $ 2 million infrastructure unit To fulfill the commitment to put America on the path to a green future.

“America’s employment plan will bring about a transformation in efforts to address climate change,” Biden said. “It’s not the intention to go around the edges.”

The package would provide unprecedented government support for electric vehicles ranging from electric vehicles to renewables, and would set national targets for the removal of supplies from carbon-efficient energy sources. Analysts say it will give investors the long-term confidence needed to attract much more private capital to the sector.

“This now puts the entire transition to clean energy into hypertransmission,” said Paul Bledsoe, a strategic advisor at the Progressive Policy Institute and a former Clinton White House climate advisor. “The thing that has been done, in my opinion, for the first time really, is to provide complete certainty for doing clean energy business.”

Biden’s plan would see an infusion of more than $ 350 billion directly into clean energy – driving electric vehicle infrastructure, revitalizing the grid and boosting research and development – plus expanding and increasing fiscal credits for the estimated $ 400 billion in physical energy generation and storage. It would also set a “clean energy standard” for carbon-free energy production utilities by 2035.

Biden’s plan would see more than $ 350 billion infusion directly into clean energy © David Paul Morris / Bloomberg

Tax credit proposals, in particular, have garnered enthusiastic support from the industry. The package would extend the production and investment credits required by renewable energy generators by 10 years.

Congress has repeatedly expanded its solar and wind credits over the past two decades, often in the eleventh hour or even after expiration. The final extension came at an end-of-year expense and the Covid-19 support package was approved December.

“The forecast will greatly facilitate the investment we will need to achieve the growth we need to be on the front lines to combat climate change,” said Gregory Wetstone, director general of the American Renewable Energy Council.

There would be new tax credits for energy storage technologies, such as grid-connected batteries, and at least 20 gigawatts of high-voltage power transmission lines that can connect remote solar and wind farms to populated areas.

Larry Gasteiger, executive director of Wires ’transmission trading group, said tax credits will lower costs for electricity consumers, even if the acceptance of public services – which get a regulated return on the amount of money they invest in their infrastructure – is less secure. “Each use will do this assessment on its own,” he said.

Biden has stated that climate change is one of his administration’s top priorities and has already issued several executive orders. Joining the Paris Agreement, Keystone XL oil pipeline and suspension new oil and gas leases on public land.

Green groups say spending measures are inadequate, and Republicans complain that they are too expensive © Daniel Slim / AFP via Getty Images

With these latest plans he hopes to launch election commitments for the US to fully decarbonize its energy sector by 2035 and zero emissions into the economy by 2050.

Some analysts have questioned whether moving the major climate proposals to a broader infrastructure plan is the best way to achieve the president’s big green goals. But the White House doesn’t rely too heavily on regulations that could be tied to the courts, while a climate bill would make an effort to garner the ten Republican votes needed to overcome Senate filibuster.

“So if you can’t do it through specific climate legislation and you can’t do it through regulation, then trying to do something like an infrastructure bill can make a lot of sense,” said Robert Stavins, a Harvard professor of energy and economics.

“The advantage is that the infrastructure can be bipartisan, mainly because there is a great deal of concern about the infrastructure, but also because the infrastructure benefits are being distributed according to its nature,” he added. “And politicians, whatever their party. . . giving love benefits “.

But many on the progressive wing of the democratic party think the proposals are too small. “This is almost not enough,” he tweeted Alexandria Ocasio-Cortez, a Green New Deal supporter, said details of the plan surfaced. “It has to be a lot bigger.”

Sierra Beach director Ben Beachy agreed. He called for tripling the level of spending proposed by Biden over the next decade, in line with the proposals presented by progressive Democrats this week. “It’s a very welcome start, but Congress needs to step up now,” he said.

Republicans, meanwhile, have called Biden’s proposals a waste of time. John Barrasso, the oldest Republican on the Senate Energy and Natural Resources Committee, dismissed them as “uncontrolled socialist spending.”

The president has made it a priority to get bilateral support for working with Republicans. But there is hope that Democrats will go it alone using the reconciliation mechanism to force it into the Senate with a simple majority.

“We’re going to have those conversations,” said climate tsar Gina McCarthy Biden. “But rest assured, the president put up a number, which he believes is not only defensible, but also to fill that moment. We don’t just want to manage the future, we want to win.”

Additional news from Gregory Meyer in New York

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