Biden commits to CleanTech
Updated: Sep 9
Joe Biden, if elected as US President in November, plans to spend $2 trillion over four years on clean energy projects and to eradicate carbon emissions from power plants by 2035. Biden also sees his plans as part of the country’s recovery from the economic destruction wrought by the Covid-19 pandemic. The planned investment represents a significant upgrade from his commitment to spending $1.7 trillion over 10 years as announced during the Democratic primary.
The accelerated schedule is part of Biden’s “Build Back Better” agenda and stems from his realisation that “science tells us we have nine years before the damage is irreversible” and would be implemented immediately upon his arrival at the Oval Office.
The clean energy projects include the construction of electric vehicle charging stations, weather-proofing millions of buildings, updating electric grids, expanding broadband internet access and building sustainable homes and public housing units. This frenzy of activity would, Biden asserted in his speech in Delaware on July 14th, create millions of jobs and alleviate concerns over job losses caused by reduced use of energy from fossil fuel.
Biden has costed his plans which will be funded through undoing tax cuts introduced by President Trump in 2017 and raising the corporate tax rate to 28% from 21%. Further details on the funding will emerge as Biden unveils other economic proposals.
His proposal marks the confidence in Democratic ranks that Biden’s policies contrast favourably with Trump’s incoherent response to the Coronavirus outbreak and mishandling of racial and societal divisions. Environmental groups and other progressives have welcomed Biden’s plan and his promise of “historic investments that will seize this moment in history” even though Biden envisages the clean energy projects will see the US with zero carbon emissions by 2050; later than the Green New Deal target.