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 greenhouse gas emissions per capita, even with a growing economy and population. (Photo by Kevork Djansezian/Getty Images)
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President Joe Biden is expected to unveil a new $1.75 trillion spending framework on Thursday, which will include $555 billion for clean energy investments, according to senior administration officials. If taken up, it would represent the country’s largest climate investment on record.
The spending targets emissions-reducing technologies across buildings, transportation, industry, electricity and agriculture.
The new spending package is an apparent deal with Senate Democratic holdouts, and follows months of negotiations between progressive and moderate lawmakers.
Senior administration officials said Thursday that Biden is “confident this framework will win the vote of every Democratic senator,” but that they would let the lawmakers speak for themselves about it.
The clean energy investments focus on incentives rather than punishments.
Here’s what’s included in the framework, according to a fact sheet:
- $320 Billion: Clean energy tax credits
- $105 billion: Resilience investments
- $110 billion: Investments & incentives for clean energy technology, manufacturing and supply chains
- $20 billion: Clean energy procurement
“The framework will set the United States on course to meet its climate targets, achieving a 50%-52% reduction in greenhouse gas emissions below 2005 levels in 2030 in a way that grows domestic industries and good, union jobs,” the “Build Back Better” framework said.
This is breaking news, please check back for updates.
Read More: Biden spending framework includes $555 billion in climate incentives