On Thursday, United States (US) President Joe Biden announced the Build Back Better Framework, a $1.75 trillion social spending package that allots $555 billion to tackle the climate crisis.
A White House statement described the budget’s climate provision as the most significant effort to combat climate change in American history. “The framework will cut greenhouse gas pollution by well over one gigaton in 2030, reduce consumer energy costs, give our kids cleaner air and water, [and] create hundreds of thousands of high-quality jobs,” Biden said in his statement. He added that the framework invests in clean energy infrastructure from “buildings, transportation, industry, electricity, and agriculture to smart climate practices across our lands and waters.”
The plan targets a 50 to 52% reduction in greenhouse gas emissions, putting the US on a path to reach emissions below 2005 levels by 2030. At the same time, the framework also focuses on developing domestic markets and goods, providing union jobs, and advancing environmental justice.
Some important highlights of the bill include $320 billion in Clean Energy Tax Credits, $105 billion in Resilience investments, $110 billion in clean energy technology, manufacturing, and supply chain investments, and $20 billion in clean energy procurement.
However, the Democrats remain in a stalemate over the bill, with moderate Senators Joe Manchin and Kyrsten Sinema serving as major roadblocks. The Democrat party’s liberal bloc have debated for months with the moderates in their ranks, who have demanded further cuts to the former $3.5 trillion package. It is a massive departure from the $6 trillion package proposed by the left-leaning members of the party during the initial days of the debate. In fact, as recently as last month, Biden was still attempting to pass a $1 trillion infrastructure bill and a $3.5 trillion emergency spending package, with Republicans blocking his efforts in the Senate. The fact that the spending package has now been whittled down to $1.75 trillion is an indication of just how much pushback there is across the aisle.
Nevertheless, in a statement, White House spokesperson Jen Psaki said, “We’re confident that soon we’ll pass both the Build Back Better Act and the Bipartisan Infrastructure Deal.”
The latest development comes as Biden gets set to attend the COP26 Climate Summit in Glasgow and the G20 meeting in Rome. In an interview with The Washington Post, Biden’s special envoy on climate, John F. Kerry, said it was important for Biden to show up at Glasgow with a funded climate plan. “We’re doing everything we possibly can to move the process forward as fast as we can,” Kerry said. He added, “I think people have respect for our congressional process. And the Congress has clear prerogatives.”
Despite concerns about whether Biden’s plan will pass through the congressional process, the announcement boosts Washington’s credibility at the upcoming climate summit.
Days Before COP26, Biden Announces $555bn Climate Investment as Part of $1.75tn budget
Joe Biden’s historic climate investment aims to cut carbon emissions by half, give clean energy tax credits, and build green infrastructure.
October 29, 2021
US President Joe Biden SOURCE: REUTERS