President Biden’s new $2 trillion infrastructure proposal is “one of the biggest investment opportunities in the clean energy future that will put us on the path to net-zero emissions, create sustainable infrastructure and well-paying jobs, and deliver justice to communities most harmed by climate pollution,” said Mindy Lubber, Ceres CEO and President.
Specifically, Biden’s proposal would infuse significant investments in clean public transportation, energy efficient buildings, improvements to the electric power sector to create smarter grids, and electric vehicle manufacturing, including critical domestic supply chains, in order to ensure the global competitiveness of the U.S. auto industry. The plan would also extend and expand critical clean energy incentives to allow for energy storage and transmission projects. It would also support the administration’s commitment to direct 40% of the overall benefits of the climate and clean infrastructure investments to disadvantaged communities.
“From day one, the Biden-Harris administration has demonstrated just how serious it is about raising the country’s ambition to tackle the climate crisis and rectify long-standing environmental injustices. Today was no different,” Lubber added. “The President's infrastructure plan would not only rebuild our highways, bridges and water systems to be more sustainable and resilient, it would foster new innovation in clean energy technologies, expand clean transportation options, and power a recovery that lifts up those who are most affected by climate change.”
The administration must now set a strong national target for reducing greenhouse gas emissions in half by 2030 and putting the country on path to reach net-zero emissions by 2050. As a party to the Paris Agreement, the U.S. is required to set a Nationally Determined Contribution (also known as NDC), and the administration is expected to announce its NDC in the coming weeks, ahead of the Leaders Summit on Climate on April 22 and 23. Ceres is mobilizing hundreds of companies and investors in the lead up to the announcement to send a unified and collective message to the White House that business supports a strong 2030 target.
“To restore the standing of the U.S. as a global climate leader, we need to address the converging crises we face at the pace and scale they demand,” said Anne Kelly, vice president for government affairs at Ceres. “A strong national emissions reduction target is just what we need to catalyze a net-zero emissions future, and inspire climate action around the world with increased intensity and ambition. By investing in sustainable infrastructure, renewable energy and efficiency, and clean transportation, we can build back a stronger, more equitable and inclusive economy.”
“We urge lawmakers to move quickly to pass a comprehensive, climate-sensitive infrastructure plan following constructive bi-partisan negotiations. Ceres and the business community stand ready to work together with the Biden-Harris administration and Congress to ensure the U.S. emerges from the COVID-19 pandemic stronger, more resilient and better prepared to transition to a clean energy future,” Kelly added.
In May, Ceres will once again bring together companies and investors for LEAD on Climate 2021 to call on members of Congress from both sides of the aisle to support a strong infrastructure bill that will help mitigate the climate crisis and advance environmental justice.
Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.