Paul Krugman: 'Can this possibly be enough to make a real difference in facing an existential threat?'
A Sunrun installer carries a solar panel into place at a customer’s home in Carlsbad, Calif., Oct. 18, 2018.In 2010, at the signing ceremony for the Affordable Care Act, Joe Biden, the vice president at the time, could be overheard telling President Barack Obama that “this is a big something deal.” OK, that’sNow, as president himself, Biden has presided over three big deals. After several years during which “It’s infrastructure week!” became a punchline, he passed a major infrastructure bill.
Well, there are two important reasons to believe that Biden’s climate policy may be a much bigger deal than the numbers might suggest. But there are also reasons to worry that the policy may fall short, not because the spending is inadequate, but because of one crucial limiting factor: an inadequate power grid.
But huge progress in renewable energy and related technologies, notably batteries, means that it now looks almost easy to achieve a low-emission economy. We can now easily envision a society in which people drive electric vehicles and cook on induction ranges, using power generated by solar panels and wind turbines, and experience no sense of sacrifice.
A report from Credit Suisse suggests that the credits might “propel much higher activity levels” than the budget office projects — that in practice federal climate spending might be $800 billion or more. And there may also be a multiplier effect as private firms make investments complementary to those directly subsidized, so Credit Suisse suggests that the true size of the climate plan may be more like $1.7 trillion.
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