March 31, 2023
US to spend $500 billion on climate change over 10 years

US to spend $500 billion on climate change over 10 years

Under three recently enacted laws, the U.S. government will spend more than $500 billion on climate technology and clean energy over the next decade, according to an analysis by the nonprofit RMI.

The figure is based on this month’s Chip and Inflation Act and last year’s Infrastructure Jobs and Investment Act. Together, they support the funding and production of early climate-related research and studies.

“Together, they create a coherent green industrial policy in the sense that there are strategic industries to focus on and tools designed to speed up production in the supply chain,” said Lachlan Carey, co-author of the report released Monday. (22)

Of the estimated total of $514 billion, $362 billion from the Anti-Inflation Act, $98 billion from the Infrastructure Act, and $54 billion from the CHIPS Act are supported on a bipartisan basis, although Congress must pass additional legislation. Funds should be released. The analysis excludes additional land-related agricultural and climate costs.

The study estimates that annual federal spending on climate and clean energy over the next five years will be 15 times what it was in the 1990s and early 2000s, and more than triple in recent years.

U.S. government estimates show that renewable energy is becoming a larger share of production.

However, climate action needs to accelerate, the study authors said. “It’s a long process, and we don’t have time to stay that long. Because solar and wind energy took 40 years — we have 10 years,” said June Shepherd, co-author of the study.

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