The climate policies tucked into Congress' budget package are signals to investors

Asia's Tech News Daily

The climate measures in the budget reconciliation package now before the U.S. Congress could unlock an investment boom in clean energy, zero-carbon transportation and efficient manufacturing that would allow us, as a nation, to reverse the course of rising greenhouse gas emissions that threaten our future.

The climate policies tucked into Congress’ budget package are signals to investors
© Reuters

Simultaneously, ​​these investments will help the U.S. maintain its role as an economic leader in a global economy that prioritizes zero-carbon solutions. Oh, and investment creates jobs, lots of them.

After deadly floods in Louisiana, grid failures in Texas and devastating wildfires in California, who wouldn’t want strong steps to meet the climate crisis with impactful, 21st-century solutions?

For investors, the proposed federal investments for zero-carbon infrastructure, renewable energy, electric vehicles and climate innovations will provide the policy signals we and other investment firms need to confidently fund breakthrough technologies.

Once investors know that the government is serious about taking action to bring the economy into the 21st century and competing with nations already aggressively deploying these technologies, climate and tech investors will increase commitments in these areas.

For example, take transportation electrification. Transportation now emits a greater volume of greenhouse gases than any other U.S. sector, with carbon exhaust from cars, trucks, airlines and shipping adding up to 29% of total U.S. emissions. Despite the temporary reductions in travel-related emissions during the pandemic, transportation emissions were still climbing at last measure and are likely to keep growing. This should alarm us all.

But with the reconciliation bill’s tax incentives for purchasing electric vehicles making these cars much more affordable for Americans — up to a $12,500 credit if you buy an EV made in the U.S. — plus the bill’s incentives for manufacturing and deploying EV charging infrastructure, we’d see rapid adoption of clean electric transportation and a steep drop in transportation emissions.

Couple the transportation incentives with the reconciliation package’s Clean Electricity Performance Program (CEPP), which encourages utilities to hasten their steady transition to clean energy — from a national average of 40% today to 80% by 2030 through incentive payments and penalties — we’d see a precipitous drop in overall emissions.

Transportation and electric power together currently account for more than half of U.S. greenhouse gas emissions. These provisions will spur a broad energy generation transition that can also power the EV cars, trucks and fleets of the future.

As investors, we view the budget reconciliation as a long-term catalyst for sustainable growth, and growth translates to jobs. The Economic Policy Institute estimates that the budget reconciliation provisions, on their own, could create up to 3.2 million new jobs per year. Through our existing investments, we have seen firsthand how infusions of capital, from both public and private sources, can stimulate job creation, from hourly wage positions all the way up to highly skilled engineering roles. The budget reconciliation will create economic opportunities for all.

There’s clearly a market for climate action: The Global Commission on the Economy and Climate found that bold climate action globally could deliver $26 trillion in economic benefits through 2030. We need this funding to go as far and as fast as possible to avoid a global rise in temperatures of 1.5 degrees C, which experts collectively agree is the tipping point into catastrophic, irreversible climate change. Government policy can both signal and pave the way for broader private-sector investments, as it did decades before with pollution legislation.

And what will happen to these investment dollars if Congress does not pass the infrastructure and budget reconciliation packages? The cost of inaction is far higher than the costs outlined in the budget reconciliation legislation. The climate measures in the bill add up to $700 billion over a decade, or $70 billion a year.

Climate change-induced extreme weather disasters in the U.S. alone cost roughly $100 billion each year. If measures are not passed, individual citizens will keep paying higher tax and energy bills. Meanwhile, investors will instead put money into companies and sectors in other geographies that are focused on next-generation renewable energy, EV charging and other technologies supported by policy and will look for clean infrastructure plays on other continents where their investment dollars go farther and create faster returns.

In a no-action scenario, the United States will face long-term negative consequences as its economic leadership fades and its OEMs and supply chains gradually lose their position as global leaders. The U.S., as a nation, will in turn lose the financial capacity to mitigate or respond to the devastating local impacts of climate change.

We have an urgent need to address the climate crisis now, with the public and private sectors each maximizing their tools to ensure long-term economic and environmental sustainability. The federal policy tools and opportunities are clear, and the private sector is ready to respond with investment capital.

We urge Congress to pass a budget reconciliation bill and allow its strong climate measures to reap benefits for all.

Written for TechCrunch by Eric Kosmowski and Brett Hauser

Eric Kosmowski is managing partner at the Princeville Climate Tech Fund. Brett Hauser is a board member at Aligned Climate Capital.

The climate policies tucked into Congress’ budget package are signals to investors originally appeared on Autoblog on Sun, 24 Oct 2021 08:00:00 EDT. Please see our terms for use of feeds.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

2 ADUN PN kekal sokong kerajaan BN di Melaka, kata Peja

© Provided by Free Malaysia Today Mohd Aleef Yusof mewakili Sungai Udang dan Mohd Yadzil Yaakub di Bemban kekal sebagai ADUN biasa. PETALING JAYA: Dua Ahli Dewan Undangan Negeri (ADUN) ... Read more »

Laura Whitmore wraps up in a fur coat as she arrives at radio show

© Provided by Daily Mail MailOnline logo Laura Whitmore made a stylish arrival at her Radio 5 Live show in London on Sunday morning.  The media personality, 36, wrapped up ... Read more »

ITV I'm A Celebrity: Danny Miller's NHS worker fiancée and childhood sweetheart says he was 'her rock' in anxiety battle

I’m A Celebrity star Danny Miller’s fiancée has revealed how vital and supportive he was for her to overcome the darkest period in her life. Childhood sweetheart Steph Jones – ... Read more »

Former police station up for sale for mystery amount in village

A former Merseyside Police station has been listed for sale. The former station, located on Segars Lane in Ainsdale, has been listed with Eddisons Commercial on Rightmove. The property, thought ... Read more »

New face mask rules: Where are coverings mandatory?

masks Mandatory mask-wearing will return to shops and public transport in England this week, as the Government takes action to try to tackle the omicron coronavirus variant that has arrived ... Read more »

Philippines adds 7 more countries to red list over COVID-19 Omicron variant

Syringes with needles are seen in front of a displayed stock graph and words “Omicron SARS-CoV-2” in this illustration taken, November 27, 2021. REUTERS/ Dado Ruvic/ Illustration The Inter-Agency Task ... Read more »

Czech Republic: Petr Fiala named new prime minister

© Provided by dw.com Petr Fiala has become the new Czech prime minister Czech President Milos Zeman named Petr Fiala as the prime minister of the Czech Republic on Sunday ... Read more »

Live Like High Fashion Royalty at This House of Gucci Airbnb

© Provided by Esquire Philippines Can’t get enough of House of Gucci? The Gucci family crime drama has already premiered abroad, and the stellar trailers are making us excited for ... Read more »

Israel, tiniyak na matutuloy ang Miss Universe 2021 sa kabila ng banta ng Omicron

© Provided by PEP.ph Wala nang dapat ipag-alala ang fans ng Miss Universe dahil matutuloy ang 70th Miss Universe sa Red Sea resort sa Eilat, Israel sa December 12, 2021. ... Read more »

Philippines, Pfizer sign deal for 20M more COVID-19 vax doses

© REUTERS/Denis Balibouse/File Photo Vials of the Pfizer BioNTech vaccine are pictured in a vaccination centre in Geneva, Switzerland, February 3, 2021. REUTERS/Denis Balibouse/File Photo The Philippine government and Pfizer-BioNTech ... Read more »

Palace: Drop in number of families seeing themselves poor indicates progress

Malacañang Palace Malacañang on Sunday said the decrease of Filipino families considering themselves poor shows that progress has been made in the government’s efforts to reopen the economy amid the ... Read more »

Muntinlupa LGU declares BuCor chief Bantag persona non grata

© Mai Bermudez A portion of University Road in Muntinlupa City is closed on Saturday, Nov. 27, 2021, after the Bureau of Corrections (BuCor) constructed a low wall. The BuCor ... Read more »

6 of the Best Art Schools in the Philippines

© Provided by Candy The college application season is upon us once again! Although artistic skills might be inherent, there are numerous ways to further hone and develop these skills, ... Read more »

Richard Mille not ruling out running male driver in 2022 WEC

© JEP / Motorsport Images #1 Richard Mille Racing Team Oreca 07 – Gibson: Sophia Flörsch, Beitske Visser Run by the same Signatech team that is behind Alpine’s Hypercar effort, ... Read more »

'Schitt's Creek' holiday special: For Jews like Johnny Rose, the menorah is still polished and lit, even in diaspora

CBC’s hit show Schitt’s Creek aired its last episode April 2020, and fans clearly miss it. The show followed parents Johnny Rose (Eugene Levy) and his wife Moira Rose (Catherine ... Read more »

Salman Khan requests fans not to 'waste' milk on 'Antim' posters, urges to help poor

© Provided by Zee News New Delhi: Actor Salman Khan, on Sunday, shared a video on social media in which his fans can be seen pouring milk on ‘Antim’ posters ... Read more »

1st Test: Shaheen Afridi helps Pakistan claw back after Taijul Islam stars with 7-wicket haul for Bangladesh

Shaheen Afridi Pakistan fast bowler Shaheen Afridi tore into the Bangladesh top-order picking up 3 wickets and restricting the hosts to 39/4 at Stumps on Day 3 of their first ... Read more »

'Then who the hell is her mother?': Lara Dutta reveals why she doesn't want to be her daughter's best friend

© Provided by Zee News Mumbai: Actor Lara Dutta, who is garnering praise for her refreshing character in her latest show `Hiccups and Hookups`, opened up about the relationship that ... Read more »

The resurgence of Sushmita Sen aka Aarya!

© Provided by Firstpost The resurgence of Sushmita Sen aka Aarya! Sushmita Sen, the first Indian beauty to win a global beauty pageant – Miss Universe (1994) has had a ... Read more »

‘Ind Or Pak?' Sania Mirza Takes A Cue From Shoaib Malik's Book To Answer ‘Stale' Question

© Provided by MensXP The rivalry between India and Pakistan is second to none in the world.  For billions of people, it’s the biggest rivalry in the world. Hence, whenever ... Read more »

Preity Zinta celebrates 18 years of ‘Kal Ho Naa Ho' with a nostalgic video; WATCH

© Provided by Pinkvilla Kal Ho Naa Ho was one such movie that holds a special place in the minds of all the fans. The Shah Rukh Khan, Preity Zinta ... Read more »

Geht Lewandowski leer aus? Messi soll als Ballon-d'Or-Sieger feststehen

Über den Ausgang der Ballon-d’Or-Wahl gibt es nicht zum ersten Mal Spekulationen. Nun gibt es neue Gerüchte. Gemäss mehreren Journalisten soll Lionel Messi als Sieger feststehen. TikToker Fionnsii in Mexiko ... Read more »

Amazon's Outlet Dropped 1,000 Kitchen Deals This Week, and Prices Start at $5

© Courtesy of Amazon These are the 12 best deals on cookware, bakeware, and other essential tools. © Provided by Food & Wine Courtesy of Amazon One of the most ... Read more »

Czech president appoints coalition leader Petr Fiala as new PM

© Provided by Al Jazeera Fiala will face the urgent task of grappling with one of the world’s highest COVID infection rates [File: Bernadett Szabo/Reuters] Leader of the incoming coalition ... Read more »

New Omicron cases detected as coronavirus variant spreads: Live

© Provided by Al Jazeera Passengers wait for confirmation of flights outside the Swissport Ticket Sales counter at Tambo International Airport in Johannesburg as several airlines stopped flying out of ... Read more »

Taiwan scrambles to see off new Chinese air force incursion

© Reuters/DADO RUVIC Chinese, Taiwanese flags and military airplanes displayed in this illustration TAIPEI (Reuters) -Taiwan’s air force scrambled again on Sunday to warn away 27 Chinese aircraft that entered ... Read more »

Peru hit by powerful 7.5 magnitude early morning earthquake damaging buildings in north of the country

PERU has been rocked by a magnitude 7.5 earthquake early this morning. The tremor began at 5.52am on Sunday morning around 28 miles northwest of Barranca, according to the United ... Read more »

Shocking moment man is nearly swept away by giant wave as Storm Arwen batters coast

THIS is the shocking moment a man is almost swept away by a giant wave as Storm Arwen batters the coast. The “stupid” bloke gets a face full of saltwater ... Read more »

Patrice Evra says Manchester United task for Ralf Rangnick and Mauricio Pochettino 'almost impossible'

Patrice Evra is concerned for the incoming manager at Manchester United as they have to live with the bar set by Sir Alex Ferguson, and he believes that the next ... Read more »

Asylum seekers jailed for steering dinghies appealing after being branded ‘people smugglers' by government

More than a dozen asylum seekers who were jailed for steering dinghies across the English Channel are fighting to have their convictions overturned. © Home Office Fariboz Rakei, pictured on ... Read more »

The Rise of Streaming Services: Filipinos welcome a Brand New Era of Philippine Entertainment

Filipinos are streaming more than ever—and Filipino producers are creating more content than before. © Provided by LionhearTV Since the pandemic, Filipinos have been actively using streaming platforms, with local ... Read more »

Despite snub, UK presses France on migrant action

LONDON: Britain’s government on Sunday pressed anew for joint action from France to stop cross-Channel people-smugglers, brushing off anger in Paris that saw it excluded from European talks on the ... Read more »

Team Kim Chiu, Amy Perez, and Karylle named ‘It's Showtime's' Magpasikat 2021 Grand Champion

The team of Kim Chiu, Amy Perez, and Karylle emerged as the grand champion in this year’s Magpasikat competition on “It’s Showtime” today (Nov.27) as their performance on women’s empowerment ... Read more »

Netherlands tightens partial lockdown as Covid infection rates surge

© via REUTERS Passengers waiting on their coronavirus disease (COVID-19) test results at Schiphol Airport, in Amsterdam, the Netherlands in this picture obtained November 27, 2021 via social media The ... Read more »

Schools told to do on-site Covid tests for secondary pupils after Christmas

Schools in England have been ordered to provide on-site testing for secondary pupils after the Christmas holidays. Heads were told to make sure they have enough supplies so all pupils ... Read more »

Snow delights children, but blocks migrants at Belarus border

© FRANCE 24 screengrab At a migrant camp near the Belarusian border with Poland, migrants say they were promised a better life in the EU only to find themselves living ... Read more »

Cesar Azpilicueta warns Man Utd's form will change under Ralf Rangnick

© Provided by Daily Mail MailOnline logo Cesar Azpilicueta believes Ralf Rangnick’s arrival could swiftly turn Manchester United‘s fortunes around and the German could have an impact similar to Thomas ... Read more »

Man arrested on suspicion of murder after woman found dead in Gloucestershire home

© PA Archive Harlesden shooting death A man has been arrested on suspicion of murder after a woman was found dead in a house. Police were called to reports of ... Read more »

Short selling is becoming less common — but the investors involved are making a fortune, new data shows

© Spencer Platt/Getty Images Spencer Platt/Getty Images The practice of short selling is on the decline, as the bull market created a difficult environment for investors betting against stocks So ... Read more »

Sunday referendum: The Swiss vote on the country's pandemic policy

On Sunday, Swiss voters will vote on the country’s pandemic policy, including the requirement for corona certificates. This is the second time in four months that the country is holding ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic