Some quick reflections on Biden's climate plan
Many people have asked me for my thoughts on Biden’s climate plan. Here is a quick synopsis of my views:
1. Important to see the US make a net-zero commitment, the Democratic House Bill demands the same. However, 2050 is a long way off, we must have clear intermediate targets too.
2. Infrastructure is vital, but we need to do more than just upgrade old infrastructure. The climate crisis demands a transformation in the type of infrastructure projects we undertake. Interested to see how that transformative aspect is incorporated.
3. Glad to see plans for America to rejoin the global effort to fight climate change. Even before Trump, America often failed to play a constructive role in climate negotiations. Reclaiming our international standing demands not only returning to the Paris Agreement, but helping to build international consensus on climate action.
4. Strong, smart regulations can help to address bad behavior by companies who have used our shared atmosphere as a dumping ground. Biden’s plan rightfully acknowledges that this problem does not have a simple market solution.
5. Heartening to see specific mentions of marginalized communities and displaced workers as key stakeholders in our climate transition. Too often, climate policies forget about those most harmed by pollution and those dislocated by economic changes. This cannot happen going forward.
6. Support for innovation in renewable energy and other green technologies is a must in our 21st century economy. Biden sees an important role for a green stimulus in helping our nation rebound from Covid. He is absolutely correct.
7. More is needed. The climate crisis is our biggest long-term challenge. The changes required to fight climate change demand paradigm shifts not only in our energy sector but across our whole economy. We need to think big and act aggressively.
To read more about the plan: https://joebiden.com/climate/
Country and ESG Risk.
4yGood to see another commitment for net-zero by 2050, this seems to be an emerging consensus across countries. But as you say, we need much stronger short-term targets as well.