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31 March 2021 19:24 GMT Updated 31 March 2021 22:36 GMT
US President Joe Biden is proposing a ten-year extension of federal tax credits for renewables and energy storage technology and creation of a “targeted” investment tax credit (ITC) to spur construction of at least 20GW of high-voltage power lines as part of a $2.3trn infrastructure plan.
“It’s not a plan that tinkers around the edges,” Biden said during a speech in Pittsburgh. “It’s a once-in-a-generation investment in America.”
The eight-year
American Jobs Plan reaffirms his administration will set the country on a path toward a carbon-free electric grid by 2035 with a new clean-energy standard mandating a timetable to achieve this.
U.S. President Joe Biden s American Jobs Plan includes $100 billion in spending on the nation s aging power infrastructure.
Source: Justin Sullivan/Getty Editorial via Getty Images
U.S. President Joe Biden s $2 trillion infrastructure and energy plan would dramatically reshape the nation s energy landscape by offering new tax incentives for clean energy, electric transmission projects, and carbon capture and storage technology.
However, industry experts cautioned that the huge proposal, which Biden envisions financing largely through major changes to the corporate tax code, will likely need to win unanimous Democratic support in the narrowly divided U.S. Senate.
Unveiled March 31 as the American Jobs Plan, it will also need to overcome opposition from the U.S. oil and gas sector, which stands to lose under the plan s heavy emphasis on electric vehicles and charging infrastructure, analysts said. And some former government officials also questioned the wisdom of creating new gover
Published: Thursday, April 1, 2021
President Biden speaking in Pittsburgh. Photo credit: AP Photo/Evan Vucci
President Biden delivers a speech on his sweeping $2 trillion infrastructure plan at the Carpenters Pittsburgh Training Center yesterday afternoon in Pittsburgh. AP Photo/Evan Vucci
President Biden pledged to rebuild the backbone of America yesterday, pitching a massive $2 trillion plan to accelerate his efforts to tackle climate change, including a national clean energy standard and a carbon-free electric grid. It s not a plan that tinkers around the edges, Biden said at a union hall in Pittsburgh. It s a once-in-a-generation investment in America. Unlike anything we ve seen or done since we built the Interstate Highway System and the space race decades ago.
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Power Infrastructure Prominent in Biden’s $2.25 Trillion Blueprint
A major chunk of President Joe Biden’s $2.25 trillion transformational plan to overhaul the nation’s infrastructure is dedicated to re-energizing America’s power infrastructure. The initiatives garnered the industry’s approval with notable exceptions.
The “American Jobs Plan,” released on March 31, strives to jumpstart the U.S. economy, which drooped under burdens posed by the COVID-19 pandemic. But according to senior administration officials, forward-looking initiatives unveiled on Wednesday are also “about focusing on how can we make a historic capital investment in America to improve our competitiveness, create millions of jobs, rebuild our infrastructure, and position our economy to face the cr