Transcripts For CSPAN2 Discussion 20240703 : vimarsana.com

CSPAN2 Discussion July 3, 2024

Institution. Good morning everyone. All right. Good morning. Good morning. Alright i was beginning to doubt the quality of our connection. I am the Vice President of our Global Economy and development program. I also lead the Program Initiative on claimant. On behalf of my staff and our interim president welcome to all of you in the room and those of you online as well for this important conversation. On that one Year Anniversary of the Inflation Reduction Act and programs on the climate agenda a hosted by the brookings initiative on climate action. In just over a year since President Biden signed into law the inflation reit duction actor ira as it is known, it is the most ambitious investment in Clean Energy Legislation in u. S. History that includes more than 20 new and modified tax incentives and tens of billions of dollars in loan programs. The ira has new Technology Investment and deployment accelerate the transition to a Clean Energy Economy by unlocking transformative change not only builds on a low carbon systems but also delivers energy costs and good paying jobs for tickly for communities that are underserved or overburdened by pollution. According to the department of energy the ira in combination with the bipartisan infrastructure law will allow the u. S. To cut emissions 40 below the 2005 levels by 2030. Entry on the path to achieve net zero by 2050 in line with the longterm Strategy Plan unveiled two years ago. But as with most plans we all know success is not determined particularly planned as ambitious as the ira the the one Year Anniversary is a good time i was it working across the country . What are some practical underground challenges and how do we overcome them to maximize the potential the ira . And importantly what are the benefits getting to the people and communities that need them the most . These are some of the questions our experts have been working on among others. I believe the ira has the potential to be beneficial not just for the u. S. But for the world notwithstanding some understandable concerns expressed by some countries including around diversion of direct investment local content requirement for freetrade principles. As the second largest emitter a net zero transition in the u. S. Would make a significant contribution to the share goals of cutting global admissions to acceptable levels and contain Global Warming the ira and leadership and commitment to the global claimant agenda. And incentivizes similar policies in other countries. Our climate experts with the Global Climate policy have been attentive to help other countries are reacting to the ira including europe and canada. So you get to hear their take of the impact of the ira in the u. S. And the global implication. We could not have been more honored to have open this event and share his perspective and that of the administration. Hes a founder of the center for American Progress and currently serves as Senior Advisor to President Biden for Clean Energy Innovation and implementation. On this role he oversees the implementation of the ira chairs the president s national climatet task force. He is a devoted Public Service lends his expertise including as his corner of the Climate Policy and initiatives in the Obama Administration and as white house chief of staff under the clinton administration. So thank you for your continued service and dedication to the nation we are truly honored you could find time in a very busy schedule to be with us today. The agenda for the remainder of the day or the halfday is we will hear first from jon and his remarks will be followed by a fireside chat by david victor is one of our climate experts and nonresident senior fellow in our Foreign Policy and global programs. After words jon will depart to attend to business of the nation. And we will begin the Scholar Panel discussions by the first panel will focus on the domestic implications for the u. S. Economy. Clean energy implemented and equity. We will then take a 10 minute coffee break for you to recharge and we resume the second panel on the global implication of the ira including its impact on trade, market, and the claimant ambition. We are indebted to Lisa Freedman she is a New York Times reporter on the claimant. Focusing on claimant, environmental policy in washington. She has covered several International Climate talks and she has a climate related stories in the bottom of a chinese coal mine in the himalayan mountains. She will bring all of that expertise and experience to discussions of thank you for doing this. Without further ado please join me too welcome to the podium. [applause] [applause] thank you. It is great to be here with all of you. Its great to be at brookings mice second favorite think tank in washington d. C. [laughter] we are gathering of course at the end of a summer that was really defined by the Climate Crisis. This years already set a record for climate disasters costing over billion dollars from the devastating fires in maui to hurricane daily and hurricane lee on the east coast to the rare Tropical Storm hilary in california to catastrophic flooding and vermont to 31 Straight Days in phoenix that were over 110 degrees fahrenheit. And that is just in the United States appeared i could spin around the world and repeat that on virtually every continent. Over the past few months 98 of the people on the planet experience higher than normal temperatures. It was the hottest summer on record july 4 in honor of americas birthday was the highest they ever recorded. One of the coolest summers we all experience over the rest of our lives. The Climate Crisis is already here and we know what we need to do to create a future for ourselves and our children. The un body of climate scientists said and that 2018 report on 1. 5 degrees celsius the difference between a world work global average temperatures were raised by 2 degrees c which is what the world was trying to manage towards and paris and beyond and what was a difference wind that and 1. 5degree world refocus the entire conversation on the difference in damage that Natural World that would result from overshooting and hitting that 2 degrees see market. They said and that report that what we need to do really to stabilize the atmosphere was to get to a world by mid century where we were at net zeropoint we were taking as much carbon out of the atmosphere as we were putting into it. That would require a transformation of the Global Economy on a sky size and scale that never has occurred in human history. Let me repeat that quote from the report. Transformation of Global Economy on the size and scale that has never occurred in human history. That kind of transformation i would contend is not achievable by the market alone for weedy public and private investment its why President Biden passed his investing in america agenda of the bipartisan infrastructure lot makes the biggest investment in the infrastructure. And it spurs innovation in Energy Sector the chips in science act which laid on innovation and of course the Inflation Reduction Act. The biggest ever investment in clean energy and climate change. Not just in the history of our country but in the history of the world. This legislation is core, it is government enabled the private sector lead. Unlike past legislative efforts the installation reduction act and best in every admitting sector power, transportation, buildings, industry, agriculture is 10 years of tax credit under president policy certainty for clean energy in this country. We have already seen a tremendous response to the passage of the bill from the private sector over the past year alone just since the bill passed and was signed into law last august a year ago august. 115 billion in Clean Energy Manufacturing investments i will add 3 billion to that a new battery factory in kokomo, indiana. What are 50 billion in new Clean Energy Manufacturing investments from ges new union made wind Assembly Line that was previously in decline building wind assemblies will create see hundred construction jobs and 1000 permitting jobs. On top of that utilities have announced more than 120 billion for clean energy. This investment is adding up over the last year. 4 of total investment structures durable consumer goods was in clean energy. More than doubled the share four years ago. Lets fostering economic growth. The first half of 2023 manufacturing construction contributed the most to real gdp growth of any six months on record going back to 1958. These are real results for the economy for planning and for the american people. They department of energy is found the Inflation Reduction Act and bipartisan infrastructure law put us on a path to achieve President Bidens goal of cutting Carbon Pollution by 50 52 by the end of the decade. They estimate because of those laws there will be 80 clean power in 2030 and will exceed President Bidens goal new vehicle sales electric in the same year. This legislation does not just benefit the United States. The Inflation Reduction Act is expected to drive down the cost of Clean Energy Technology by as much as 25 globally. More than that in some of the more advanced technologies. Helping speed deployment make every dollar go further across the globe. Every ton of Carbon Pollution reduced here in america because of the Inflation Reduction Act will up to 2. 9 tons of Carbon Pollution outside the United States. Thats a complete change from where we were just over a year ago. As we enter hereto to maximize the inflation reduction ops injustice we need to result a few key challenges and that is what the conversation today is all about. As to the first challenge is permitting. In order to reach divide goal of one 100 Clean Electricity by 2035 we need to deploy highperformance transmission lines at twice the current pace. We need to build out 60 additional capacity to achieve that President Biden has elevated the permitting issue to issuesto the highest levels of government for the first time. I have been around a few times in washington i have never seen this happen before we meet regularly at the cabinet level to track nearly two highimpact projects about 56 gigawatts of trance capacity for renewable energy. Our administration is using every tool at our expose will to improve the federal permitting process. We are investing 1 billion the Inflation Reduction Act to increase capacity at key federal permitting agencies. To add personnel and Information Technology to move this process forward. We finalize new rule at the federal Regulatory Commission that streamlines interconnection process for transmission providers. But even as we work to resolve these permitting challenges we need to also Pay Attention to the fact we need more raw inputs for clean energy and strong sustainable supply chain. Here in the u. S. And across the globe. We are in a completely different position then we were when President Biden took office. Over the course of this administration and the private sector has announced more than 135 billion for the u. S. At battery and ev supply chain including what i mentioned including energy 5. 6 billion battery in arizona. There is a battery belt being built from north georgia all the way to michigan. Companies announced nearly 13 billion in Solar Manufacturing investments including 2. 5 billion in georgia twofold solar supply chain in the United States. It is true china dominates the supply chain for many upstream clean energy technologies. We have been seeing them for decades finding jobs in factories go overseas we are rewriting the playbook and we have more ground to cover. As the majority of the lithium cobalt and graphite supplies completely outpace the u. S. And our allies on the protection of batteries and its components. On solar china controls 90 of modular with Chinese Company control about 90 of the modules cell production and nearly all manufacturing. It is why President Biden is investing in america agenda targets every stage of the supply chain for critical clean energy technologies. Its why we are working with our allies around the world from the eu to south korea to secure reliable supplies of Critical Minerals. It is why we need sustainable secure resilient Global Supply chain for clean energy to break our collective reliance on china for production of particular those upstream technologies. As we built up these supply chains bringing new industries to our country we encounter a third challenge that is workforce development. External groups estimate the Inflation Reduction Act has already created over 570,000 Clean Energy Jobs just in the past year alone and could create more than 1. 5 million jobs over the next decade. President biden Vice President harris went these jobs be good paying jobs you can support a family on that offer a chance to join a union. Jobs that attract and support what looks like american jobs america jobsthat can lead to enr in clean energy. It is why the Inflation Reduction Act in its structure offers up to five times the value of Certain Energy tax credits for companies that pay their workers a prevailing wage and use registered apprenticed not projects that is a game changer in the way we are bringing people into the workforce. In august, treasury proposed role in this provision that would also provide incentives for taxpayers to meet these requirements by using project labor agreements between developers and unions. And in september the white house launched the american Climate Court Workforce Training Service initiative to help young people gain the skills they need to launch good paying careers in clean energy and Climate Resilience free to attack the problem directly by giving back to their communities. Its first year of the Climate Court will put more than 20000 young people to work prioritizing workers from communities that have historically been left behind including Energy Communities that have powered our nation for literally centuries. New data shows women account for more than half of all Clean Energy Jobs more than the 75 the jobs created by the Inflation Reduction Act will not require a Fouryear College degree. We are focused on inspiring that next generation to build a Clean Energy Future and knocking down the barriers that stand in the way. We have got plenty of room to grow. Globally we are not yet on track to reach the annual install Clean Energy Capacity that we are going to need as a globe to achieve net zero by 2050. We especially need more capacity on wind, heat pumps, and Hydrogen Electrolyzers for each technology at north americas expected to contribute less than 50 of production particularly if they dont change our project tree. But make no mistake there is plenty of room for both developed and developing economies to take advantage of the boom and clean energy. To tackle the Climate Crisis to boost our energy security, to build a thriving Clean Energy Economy we have to seize this opportunity to lead on industries of the future. We have to create the Virtuous Cycle of innovation thats going to drive down cost

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