Joe Biden’s Climate Proposal Calls for $1.7 Trillion Investment

The plan would be funded by rolling back the Trump administration’s tax breaks for corporations.
Joe Biden’s Climate Proposal Calls for $1.7 Trillion Investment

Democratic presidential candidate Joe Biden announced a $1.7 trillion plan to address climate change, saying he would fund the ambitious program by rolling back the Trump administration’s tax breaks for corporations.

Biden’s campaign, in a statement, said the climate and environmental justice proposal would make a federal investment of $1.7 trillion over 10 years to achieve a 100% clean energy economy and reach net-zero emissions no later than 2050. The total investment would reach $5 trillion, including contributions from the private sector and state and local governments.

“President Trump’s tax cut led to trillions in stock buybacks and created new incentives to shift profits abroad,” the campaign said. “Joe Biden believes we should instead invest in a clean energy revolution that creates jobs here at home.”

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The campaign said the program would be the largest-ever investment in clean energy research and innovation. It would also create a new Advanced Research Projects Agency focused on climate.

Biden said he would recommit the United States to the Paris Agreement and ban new oil and gas permits on public lands and waters.

The campaign said it would not accept contributions from oil, gas, and coal corporations or executives.

In May, Biden’s advisers said his climate proposals would seek a “middle ground,” prompting criticism from climate activists. In a statement, Varshini Prakash, executive director of the Sunrise Movement, said the Biden proposal was “comprehensive” but called for more action.

“Last month, we put the national spotlight on Joe Biden’s advisers talking about a ‘middle ground’ climate plan that included more fossil fuel development. The pressure worked,” Prakash said.

Former Texas Congressman Beto O’Rourke, a rival of Biden’s for the 2020 nomination, has called for $5 trillion in investment to combat climate change.

Biden’s proposal would require companies to disclose the risks posed by climate and greenhouse gas emissions to their operations and supply chains. It would also require federal permitting decisions to consider greenhouse gas emissions.

Image: Flikr/Marc Nozell