Biden lays the groundwork for green energy investments: Yellen
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Chapel Hill (United States) (AFP) – US President Joe Biden’s push for green energy tax credits will help spur a massive increase in private investment that will create jobs and reduce energy costs for American families, the secretary said on Tuesday. at the Treasury Janet Yellen.
Yellen called the administration’s plan “the most aggressive action we have ever taken to address the climate crisis.”
She traveled to North Carolina to tour a solar power plant and tout the policies included in the recently approved Cut Inflation Act, which, along with the Infrastructure Act, includes more than $430 billion in energy investments.
The legislation provides tax credits for households to make their homes more energy efficient or switch to cleaner sources, which will help reduce costs, Yellen said.
But the administration’s approach “also relies on harnessing private sector engagement,” the official said in her speech to an array of solar panels.
“Beyond consumption tax credits, we expect significant mobilization of private investment in the clean energy sector,” she said. “These investments will accelerate the transition to our green energy future and reduce energy costs for American households and businesses.”
Further, “they will secure our energy supply against global price shocks. And they will provide well-paying, high-quality jobs across America.”
Yellen said the transition is key to dealing with climate change which has seen costlier storms occur across the world.
“Climate change poses a serious risk to the productive capacity of our economy while impacting its stability,” she said.
But transitioning to a clean energy economy is also bringing lower costs and “significant economic opportunities in high-growth industries, while building economic resilience and creating well-paying jobs across the country.”
© 2022 AFP