Biden’s climate and environmental justice proposal will make a federal investment of $1.7 trillion over the next ten years, leveraging additional private sector and state and local investments to total to more than $5 trillion. The Biden plan will be paid for by reversing the excesses of the Trump tax cuts for corporations, reducing incentives for tax havens, evasion, and outsourcing, ensuring corporations pay their fair share, closing other loopholes in our tax code that reward work not wealth, and ending subsidies for fossil fuels.
The goal is to reach net-zero emissions no later than 2050 and will have some currently unspecified target no later than the end of President Biden’s first term in 2025.
$400 billion per year will be spent over ten years on clean energy research and innovation.
Biden will establish ARPA-C, a new, cross-agency Advanced Research Projects Agency focused on climate. This initiative will target affordable, game-changing technologies to help America achieve our 100% clean energy target, with a specific focus on the following, as recommended by the founding director of ARPA-E:
* grid-scale storage at one-tenth the cost of lithium-ion batteries;
* small modular nuclear reactors at half the construction cost of today’s reactors;
* refrigeration and air conditioning using refrigerants with no global warming potential;
* zero net energy buildings at zero net cost;
* using renewables to produce carbon-free hydrogen at the same cost as that from shale gas;
* decarbonizing industrial heat needed to make steel, concrete, and chemicals and reimagining carbon-neutral construction materials;
* decarbonizing the food and agriculture sector, and leveraging agriculture to remove carbon dioxide from the air and store it in the ground; and
* capturing carbon dioxide from power plant exhausts followed by sequestering it deep underground or using it make alternative products.
* Identify the future of nuclear energy. To address the climate emergency threatening our communities, economy, and national security, we must look at all low- and zero-carbon technologies. That’s why Biden will support a research agenda through ARPA-C to look at issues, ranging from cost to safety to waste disposal systems, that remain an ongoing challenge with nuclear power today.
* There are now one million electric vehicles on the road in the United States. But a key barrier to further deployment of these greenhouse-gas reducing vehicles is the lack of charging stations and coordination across all levels of government. As President, Biden will work with our nation’s governors and mayors to support the deployment of more than 500,000 new public charging outlets by the end of 2030. In addition, Biden will restore the full electric vehicle tax credit to incentivize the purchase of these vehicles.
* Biden will review regulatory roadblocks to new innovations and invest in climate-friendly farming such as conservation programs for cover crops and other practices aimed at restoring the soil and building soil carbon, and in the process, preventing run-off and helping family farmers deploy the latest technologies to maximize productivity. He will create new opportunities to support deployment of methane digesters to capture potent climate emissions and generate electricity.
SOURCES – Biden Climate website
Written By Brian Wang, Nextbigfuture.com