President Joe Biden heads to a UN climate conference with a legislative framework in hand for the largest action ever taken by the U.S. to address climate change. The $555 billion plan is far from certain to pass in a closely divided Congress.
Biden’s plan includes more than $300 billion in tax incentives for renewable energy such as wind and solar power, as well as investments to boost nuclear power, sharply increase the number of electric vehicles and spur production of batteries and other advanced materials.
A recent analysis by the Rhodium Group, an independent research firm, found that passage of a bipartisan infrastructure bill and the larger climate and domestic policy package, combined with regulations by key federal agencies and state actions, could cut U.S. greenhouse gas emissions by 45% to 51% below 2005 levels in 2030.
Biden also has announced a plan to double financial aid to poorer nations to $11.4 billion by 2024 so those countries can switch to cleaner energy and cope with global warming’s worsening impact. The plan puts rich nations close to their long-promised but unrealized goal of $100 billion a year in climate help for developing nations.
Still, there is pressure on Biden and Congress to pass the infrastructure bill and the larger domestic policy package during the two-week climate summit or soon after. Even as he moves to curb carbon emissions, Biden is feeling pressure from Republicans who unanimously oppose his climate and energy proposals and blame him for a sharp increase in energy prices, including gasoline and home heating supplies.
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