PALM SPRINGS, CA – MARCH 27: Giant wind turbines are powered by strong winds in front of solar panels on March 27, 2013 in Palm Springs, California. According to reports, California continues to lead the nation in green technology and has the lowest per capita greenhouse gas emissions, even as the economy and population grows. (Photo by Kevork Djansisian/Getty Images)
Kevork Djansisian | Getty Images News | Getty Images
President Joe Biden is expected to unveil a new $1.75 trillion spending framework Thursday, which will include $555 billion in clean energy investments, according to senior administration officials. If taken up, it would represent the largest recorded climate investment in the country.
The spending targets emissions-reducing technologies across buildings, transportation, industry, electricity and agriculture.
The new spending package is an obvious deal with the naysayers in the Senate, and comes after months of negotiations between progressive and moderate lawmakers.
Senior administration officials said Thursday that Biden is “confident that this framework will win the votes of every Democratic senator,” but that they will allow lawmakers to speak for themselves about it. The framework also includes spending on universal preschool education and a one-year extension of the existing Expanded Child Tax Credit, among others.
Climate dollars focus on incentives rather than penalties. Initiatives to reduce climate pollution will begin now, with a reduction of more than gigatonnes of greenhouse gas emissions in 2030, according to the plan’s framework. This will put the US on a path to cutting emissions 50% to 52% below 2005 levels by 2030.
Here’s what’s included in the framework, according to the factsheet:
- $320 billion: tax credits on clean energy
- $105 billion: Resilience Investments
- $110 billion: Investments and incentives for clean energy technology, manufacturing and supply chains
- $20 billion purchase of clean energy
This is breaking news, please check back for updates.