Biden’s Promise: Building Better And Greener
ING Economic and Financial Analysis | May 07, 2021 11:19AM ET
Of the $4tn of extra spending proposed by President Biden, $2.2tn looks set to go on green and sustainability-related infrastructure investment. This won't on its own be enough to deliver on the President's climate change targets, but it marks a clear shift in government policy that can be built upon with regulatory changes and incentives.h2 In search of a more equitable, sustainable and greener America./h2
Between them, Presidents Trump and Biden have overseen $5tn of fiscal stimulus. A remarkable amount of money that has undoubtedly helped to mitigate the effects of the pandemic on America’s economy. With the vaccine rollout making good progress, more and more businesses are reopening their doors and jobs are returning in their droves.
Given these developments, Joe Biden is now able to push on with his key election promise of “Building Back Better” as he seeks to fulfil his vision of a more equitable, sustainable and greener America.
Having already rejoined the Paris Climate Accord, the President recently hosted a virtual World Leader Climate Summit where he committed the US to even stricter emission targets. This requires huge change in the way the US fuels its economy and makes up the largest aspect of Biden's new infrastructure investment plan, titled the America Jobs Plan.
h2 Biden seeks a lot of bang for each buck/h2Put in the context of the $5tn already spent, this $2.2tn package spread over the next eight years may feel a little underwhelming, especially given the targets he has set. The President is undoubtedly seeking a lot of return on each dollar spent with promises on carbon neutrality, high-speed broadband for all and major healthcare changes. We outline the package in detail Read more
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