Shortly after rejoining the Paris Agreement via executive action earlier this year, President Biden announced a $2 trillion infrastructure plan. The plan is largely focused on climate action, with a clean-energy standard for the electricity sector aiming to zero out carbon emissions from power generation by the year 2035. It also extends certain green-energy tax credits and converts them into direct payouts from the IRS, which should help streamline their implementation over time. Finally of note, it seeks to set up a number of prototype facilities to demonstrate how large steel, chemical and cement makers can reduce their carbon output through carbon capture and storage technologies. While the infrastructure bill will undoubtedly get watered down as it makes its way through Congress, it sets the stage for massive investment in renewables and other clean energy technologies, a move that should be supportive of the clean energy companies included in our impact strategies.
