Biden s American Jobs Plan Would Supercharge Our Grid: Hundreds Of Thousands Of Jobs, Billions In Savings, Increased Reliability For Extreme Weather forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
The Future of Power Is Transcontinental, Submarine Supergrids
Jun 09 2021, 10:18 PM
June 09 2021, 1:30 PM
June 09 2021, 10:18 PM
(Bloomberg Businessweek) Ever since President Xi Jinping pitched the idea of a âglobal energy internetâ to the United Nations six years ago, Chinaâs been trying to persuade the world to build the high voltage highways that would form its backbone. That plan to wrap the planet in a web of intercontinental, made-in-Beijing power lines has gone pretty much nowhere. Yet the fortunes of so-called supergrids appear to be turning, if not.
(Bloomberg Businessweek) Ever since President Xi Jinping pitched the idea of a âglobal energy internetâ to the United Nations six years ago, Chinaâs been trying to persuade the world to build the high voltage highways that would form its backbone. That plan to wrap the planet in a web of intercontinental, made-in-Beijing power lines has gone pretty much nowhere. Yet the fortunes of so-called
President Biden unveiled a new $2 trillion American Jobs Plan on Wednesday, March 31, focused on infrastructure, the care economy, climate and, as the name implies, creating desperately needed good jobs. Previous U.S. COVID-19 spending stimulus packages were focused on short-term emergency response, and too much of it propped up the business-as-usual, polluting economy.
This new proposal is designed to promote longer-term economic recovery and keep the United States competitive while responding to the economic devastation from the coronavirus pandemic and the climate crisis.
If the proposal becomes law this summer, as Biden hopes it will, it would simultaneously create millions of good-paying jobs and be the most important climate legislation in U.S. history. Not all of the specific investment amounts have been identified yet, but it appears that at least $1 trillion would go to sectors that fall under the broad umbrella of climate change, clean energy and environmental justice.
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On March 31, the Biden Administration released details on its “American Jobs Plan.” Containing $2.25 trillion in new spending, $400 billion in tax credits, and $2.75 trillion in tax increases, if passed as proposed, the plan would be among the largest pieces of legislation in American history.REF The sprawling nature of the proposal, which includes taxes, transportation infrastructure, schools, health benefits, economic incentives, and more, makes the package difficult to analyze and summarize for public debate.
This has become standard practice in Washington: Leading Members of Congress bundle disparate policy measures into a handful of bloated legislative vehicles per session, and deem them “must pass” in order to pressure rank-and-file Members to vote in favor of them regardless of their specific policy concerns.REF