US President Joe Biden has recently put pen to paper for America’s biggest clean energy investment in history. The investment is part of the America’s own bid towards clean energy, as well as catching up to other countries leading the race.
$370 Billion
The record-breaking figure amounting to a whopping $370 billion is part of a package that sees subsidies for solar energy development, wind energy development and an increase in electric vehicles and charging points.
Figure 1: US Dollars. [5]
The Push America Needs
The investment may be record-breaking for America but it does not compare to the current countries leading the race. Figures from 2021 indicate that frontrunners China have invested $380 billion even though the majority of their energy is still produced from fossil fuels. North America have also invested more, coming second with $2325 billion [1]. Biden’s investment sees their investment overtake North America and could be the injection required to catch-up to China.
John Podesta
As well as a huge cash injection, Biden has also appointed new personnel to oversee the investment and spending. John Podesta, who also assumed a similar position for former President Obama’s climate strategy, has been appointed by Biden to shape how the investment develops renewable energy, as well as whether it encourages public consumers looking to install solar panels or buy electric vehicles [2]. John Podesta also helped guide Hillary Clinton in her 2016 campaign [3].
The Bigger Picture
Not only does the investment see the US take a step closer to cleaner energy; the investment will also introduce 10 million new jobs, described as “good-paying, middle-class, union jobs”. It encourages the sense of a homegrown development as Biden believes “American workers should build American infrastructure and manufacture all the materials that go into it.” This is only one point as part of Biden’s nine-point plan for a clean energy revolution [4].
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References
[1] Ag Metal Miner, “Will Biden’s Big Clean Energy Bet Help The US Catch China?”, oilprice.com, 28 August 2022.
(Online) Available: https://oilprice.com/Alternative-Energy/Renewable-Energy/Will-Bidens-Big-Clean-Energy-Bet-Help-The-US-Catch-China.html [Accessed 12 September 2022].
[2] Lisa Friedman, “Biden, Remaking Climate Team, Picks John Podesta to Guide Spending”, nytimes.com, 2 September 2022.
(Online) Available: https://www.nytimes.com/2022/09/02/climate/john-podesta-climate-biden.html#:~:text=WASHINGTON%20%E2%80%94%20President%20
Biden%20on%20Friday%20appointed%20John,
clean%20energy%20under%20a%20landmark%20new%20climate%20law. [Accessed 12 September 2022].
[3] Geoff Earle, “Biden brings in John Podesta to look after $370 BILLIONM in green spending: Former Bill and Hillary aide returns to White House after Russia-linked hack of his emails as climate advisor Gina McCarthy steps down”, dailymail.co.uk, 2 September 2022.
(Online) Available: https://www.dailymail.co.uk/news/article-11174249/Biden-brings-John-Podesta-look-370-BILLION-green-spending.html. [Accessed 12 September 2022]
[4] DNC, “9 Key Elements of joe Biden’s Plan for a Clean Energy Revolution”, joebiden.com, 2022.
(Online) Available: https://joebiden.com/9-key-elements-of-joe-bidens-plan-for-a-clean-energy-revolution/ [Accessed 12 September 2022]
[5] Alexander Grey, “1 U.S.A dollar banknotes photo”, unsplash.com, 14 May 2018. Last accesses on 13th September 2022. Available: https://unsplash.com/photos/8lnbXtxFGZw [Accessed 12 September 2022]
