Biden’s New Spending Framework Has $555 Billion For Clean Energy, Focused on Incentives, Not Punishments
The US president Mr. Biden is anticipated to unleash a spending framework of $1.75 trillion. As per senior government officials, out of $1.75 trillion, it is expected that $555 billion is a dedicated investment for clean energy sources. If this is the case, then this would be the most significant investment the United States has ever spent on the climate.
However, the remaining expenditure is expected to be for agriculture, industrial development, transportation, electricity, and buildings. This new package is a negotiated deal between Senate democratic and progressive lawmakers.
As per the senior government officials, The President has confidence that they have made an excellent expenditure plan that will be liked by the people as well as lawmakers of the United States. It has a dedicated expenditure plan for children that includes preschools in all the states, as well as an extension to the current child tax credit and much more.
The budget which is dedicated to climate will be optimized and focus on rewarding people rather than punishing the culprits. They are sure enough that following it will result in decreasing the pollution in all the states. It will result in reducing the effect of greenhouse gases on the environment by 2030. It will result in reducing it by 50-52% that is way less than 2005.
They have planned dedicated resources for it for a minimum of ten years. That will result in high usage of electric vehicles, clean energy for households & manufacturing, etc. They have dedicated a minimum expenditure of $100 billion for such investments that include wildfires fueled by climate change and other natural calamities.
It is also expected that it will include an expenditure plan for establishing a manufacturing house using clean energy that is expected to create a massive number of new jobs.
Have a look, what is expected to be a part of Biden’s new spending framework: –
- $320 billion: Clean energy tax credits
- $105 billion: Resilience investments
- $110 billion: Investments and incentives for clean energy technology, manufacturing, and supply chains
- $20 billion: Clean energy procurement