Economy

Biden’s Climate Law: Poor Communities Receive Major Benefits of Clean Energy Funds

This week, President Joe Biden passed a monumental climate law, setting the country on course to achieve net zero emissions by 2050. The legislation includes several major investments in clean energy, much of it directed to areas of the country with lower average incomes.

The $2 trillion climate plan, known as the American Jobs Plan, is expected to create more than three million jobs in the clean energy sector. Many of those jobs are expected to go to disadvantaged communities. The plan also includes $100 billion for investments in green infrastructure, much of it specifically targeted at underserved areas.

The waves of clean energy spending can be seen across the United States. In Maryland, funds will be used to refurbish homes in affected areas. The Pennsylvania Department of Environmental Protection has announced the $73 million Solar for All program, which aims to direct 10 percent of solar energy spending and development to lower-income areas.

Analysts have long pointed to the special concerns of lower-income communities when it comes to climate change. It is in these areas that the risk of extreme weather is particularly pronounced, and the costs associated with energy efficiency and renewables can pose a considerable barrier.

As such, Biden’s plan to direct clean energy funds to these areas amounts to a much-needed investment in climate justice. Groups such as the National Association for the Advancement of Colored People have long advocated for equity in this regard, and Biden’s plan may well be a step in that direction.

What remains to be seen is how the funds allocated in Biden’s climate law will ultimately be put to use. But with much of the money earmarked for the communities that need it the most, there is a good chance of a swift and equitable transition to a zero-carbon future.

Whether this comes to pass remains to be seen, but the commitment to clean energy from the White House is a sign that the United States of America is at last taking ambitious action to combat climate change.

You May Also Like

Editor's Pick

Controversy ensued recently when a vocal group within the Republican party (in the United States) began to make the argument that the Speaker position,...

Stock

In this edition of StockCharts TV‘s The Final Bar, Dave shows how breadth conditions have evolved so far in August, highlights the renewed strength in the...

Top News

Intensified aerial strikes in and around the Hamas-controlled Gaza Strip have been met with retaliatory releases of Israeli hostages by the militant organization. On...

Economy

In an effort to promote stronger loyalty among customers, Delta Air Lines has recently announced changes that will make it more difficult to earn...

Disclaimer: YourRetireInvest.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 YourRetireInvest. All Rights Reserved.

Exit mobile version