US President Joe Biden’s administration has set aside $44.9 billion to tackle the climate crisis, $16.7 billion more than the 2021 financial year allocation or an increase of nearly 60 per cent.
A core pillar of President Biden’s economic agenda is creating good-paying union jobs and reducing energy costs by tackling the climate crisis, and investing in infrastructure that will increase resilience to climate change and extreme weather, strengthen US energy security, and deliver environmental justice.
Biden will also establish a new Solar Manufacturing Accelerator at the Department of Energy to help create a robust domestic manufacturing sector capable of meeting the administration’s solar deployment goals without relying on imported components, as part of over $15 billion in investments to supercharge clean energy innovation and infrastructure.
The White House says in a March 28 statement that over $11 billion will be allocated to advance Biden’s historic pledge to quadruple international climate finance.
“The Budget would continue to drive down energy prices, enhance US competitiveness, and put America on a path to reduce greenhouse gas emissions 50-52 percent by 2030—all while ensuring that at least 40 percent of the overall benefits from tackling the climate crisis reach disadvantaged communities,” the statement said.
White House added that the budget will invest up to $5 billion in new lending authority for the Department of Energy to support loans for eligible projects that avoid, reduce, or sequester greenhouse gas emissions, which includes support for domestic critical mineral supply chains.