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Biden’s spending framework includes $ 555 billion in climate incentives

Palm Springs, CA-March 27: On March 27, 2013 in Palm Springs, CA, a huge wind turbine will be powered by strong winds in front of solar panels. California continues to lead the country in green technology, with reports reporting the lowest per capita greenhouse gas emissions, despite growing economies and populations. (Photo by Kevork Djansezian / Getty Images)

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President Joe Biden will announce a new $ 1.75 trillion Thursday spending frameworkThis includes $ 555 billion for clean energy investments, according to government officials. If taken up, it would represent the largest climate investment in the country on record.

Spending covers emission reduction technologies for buildings, transportation, industry, electricity, and agriculture as a whole.

The new spending package is a clear deal with Senate Democratic supporters, following months of negotiations between progressive and moderate members.

A senior government official said Thursday that Mr Biden “is confident that this framework will win the votes of all Democratic senators,” but said he would let lawmakers talk about it. The framework also includes, among other things, universal kindergarten spending and a one-year extension of the currently expanding child tax credit.

The amount allocated for spending on climate change focuses on incentives rather than punishments. According to the planning framework, the initiative will begin reducing pollution now, reducing greenhouse gas emissions by more than 1 gigaton in 2030. This will bring the United States on the path to reducing emissions by 50% to 52% from 2005 levels by 2030, the framework said.

The plan includes a 10-year expansion of utility scale and tax credits for residential clean energy, transmission, storage, electric vehicles, and clean energy production.Over $ 100 billion reserved for resilience investment as extreme weather events hit the United States, including wildfires due to climate change

The plan also aims to spur the domestic manufacturing industry, which focuses on clean energy. President Biden emphasized that this would create hundreds of thousands of new jobs.

According to the fact sheet, the framework includes:

  • $ 320 billion: Clean Energy Tax Credit
  • $ 105 billion: Investing in resilience
  • $ 110 Billion: Investment and Incentives in Clean Energy Technology, Manufacturing and Supply Chain
  • $ 20 Billion: Clean Energy Procurement

–CNBC’s Christina Wilkey contributed to the report.

Biden’s spending framework includes $ 555 billion in climate incentives Biden’s spending framework includes $ 555 billion in climate incentives

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