The United States is projected to invest $514 billion in climate technology and green energy as a result of laws signed by President Joe Biden.
The United States is projected to spend an estimated $514 billion on climate technology and clean energy over the next 10 years, a study released on Monday said.
The investments in climate technology and green energy are largely the result of legislation passed by Democrats in Congress and signed into law by President Joe Biden.
The research, from the nonpartisan group RMI, noted that the funds to come are more than 3.5 times what was spent on the same policies between 2009 and 2017 and 15 times what was spent from 1990 to 2008.
The group analyzed three major bills signed into law by Biden to see how much would impact climate-related issues in the fight against global climate change. The largest investment of the three bills came from the recently signed Inflation Reduction Act, which will invest about $362 billion in fighting climate change, the most in U.S. history.
The Department of Energy projects that by 2030, the U.S. will cut greenhouse gas emissions to 40% below the levels measured in 2005.
The CHIPS and Science Act, which Biden signed on Aug. 9, is expected to infuse $54 billion into climate and clean energy, while the Infrastructure Investment and Jobs Act, which Biden signed last November, will add another $98 billion. While all three bills attracted some Republican support in Congress, a majority of the party voted against all three.
"Through the integrated efforts of these three bills, the industry now has a coherent, nearly comprehensive green industrial policy that looks likely to make US producers competitive with China," study co-author Lachlan Carey wrote.
RMI noted that their study may underestimate the amount that will be spent as a result of Biden's actions. Their analysis did not include billions in spending that resulted from what the Biden administration has described as a "whole-of-government approach to the climate crisis."
Federal agencies spent a total of $28.2 billion on climate initiatives in the 2021 fiscal year, the group said.
Biden established the Office of Domestic Climate Policy in January 2021. That office coordinates his climate agenda with members of the Cabinet across 21 federal agencies and departments.
Policies he has enacted include rules via the Environmental Protection Agency (EPA) that will require reductions in greenhouse gases from cars sold after the 2023 model year, directing federal agencies to use sources of electricity that are 100% free of carbon pollution by 2030, and also requiring those agencies to have all their light-duty vehicles be 100% zero-emission by 2027.
Published with permission of The American Independent Foundation.