Biden Releases New Proposal to Fight Climate Change With Stunning Price Tag

Democratic presidential candidate Joe Biden is joining some of his presidential contenders in pushing forward a proposal to contest climate change.

The plan, Biden revealed on Tuesday, has a price tag of a whopping $5 trillion.

The jaw-dropping figure is not some high-end conservative estimate intending to make the plan look egregious, it is from the plan itself.

Biden wrote:

The Biden plan will make a historic investment in our clean energy future and environmental justice paid for by rolling back the Trump tax incentives that enrich corporations at the expense of American jobs and the environment. Biden’s climate and environmental justice proposal will make a federal investment of $1.7 trillion over the next ten years, leveraging additional private sector and state and local investments to total to more than $5 trillion.

As for paying that tab? Biden said: “The Biden plan will be paid for by reversing the excesses of the Trump tax cuts for corporations, reducing incentives for tax havens, evasion, and outsourcing, ensuring corporations pay their fair share, closing other loopholes in our tax code, and ending subsidies for fossil fuels.”

Here’s more, from the Washington Examiner:

Biden responded aggressively to critics and rival Democratic candidates who predicted he’d be too moderate on climate change, given his pro-union background, with a proposal that he says goes “well beyond” the agenda he undertook in the Obama administration.

He vowed to re-enter the Paris Climate Accord that the Obama administration negotiated, and President Trump rejected, on the first day of his presidency, and to commit the U.S. to an even more ambitious greenhouse gas emission reduction goal.

Biden nods to the Green New Deal with his plan, calling it a “crucial framework” that demonstrates the “environment and our economy are completely and totally connected.”

“We must take drastic action now to address the climate disaster facing the nation and our world,” Biden said. “Science tells us that how we act or fail to act in the next 12 years will determine the very livability of our planet.”

The former vice president said he is hoping to have the United States achieve net-zero emissions by no later than 2050.

The Washington Examiner reports Biden’s plan differs from some of his fellow contenders as he would not ban fossil fuels or nuclear power. He said he would also prioritize China’s cooperation in helping reduce emissions.

Here’s even more on the plan, from the report:

  • Biden would make the “largest-ever investment” in clean energy research and innovation, establishing an ARPA-C program — a cross-agency program focused on spurring advanced technologies to combat climate change. He’d focus this project on developing grid-scale battery storage to allow wind and solar to be used when the wind isn’t blowing and sun is not shining, lower cost small modular nuclear reactors, carbon capture technologies, and more.
  • He would develop “regional climate resilience plans” as part of an infrastructure investment effort to enhance roads, bridges, buildings, the electric grid, and water infrastructure. He would set a target of reducing carbon emissions from existing U.S. buildings 50% by 2035, creating incentives for retrofits.
  • Biden would work with states and cities to support the deployment of more than 500,000 new public charging stations by the end of 2030 to support electric vehicles. In addition, Biden would restore the electric vehicle tax credit, which is expiring for some leading automakers.
  • In a shot at the Trump administration, Biden would pursue a global ban on offshore drilling in the Arctic Ocean and reestablish climate change as a priority for the Arctic Council. The Trump administration has refused to acknowledge climate change as a threat to the Arctic.
  • Biden also vowed to establish a “Task Force on Coal and Power Plant Communities” to help fossil fuel workers find cleaner energy jobs.