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US investment in a carbon-free economy could exceed $ 10 trillion

Ukraine / North America

Joe Biden's energy policy will be very different from what Donald Trump did, the former head of the International Renewable Energy Agency said.

US investment in a carbon-free economy could exceed $ 10 trillion

US energy policy under the Joe Biden administration will undergo dramatic changes: by joining the Paris Agreement, the United States will dramatically increase investments in renewable energy sources (RES), said the head of the International Renewable Energy Agency in 2011-2019, Adnan Amin.

“President-elect Joe Biden’s victory represents a major change in climate and energy policy after four years of climate denial and vigorous opposition to the energy transition by the Trump administration. By 2035, we may see a $ 10 trillion investment aimed at achieving zero-carbon energy by that date, ”an industry expert said in a comment posted by the Global Energy Association.

Adnan Amin recalled that Biden's campaign manifesto included the goals of providing carbon-free electricity by 2035, achieving carbon neutrality by 2050, investing in R&D and new infrastructure, modernizing networks, expanding and electrifying rail transport, and promotion of renewable energy, energy storage technologies and electric mobility.

Biden remains committed to this agenda and has a variety of tools at his disposal, he said.

“It is clear that one of his first actions will be to return to the Paris Agreement and reaffirm commitment to its goals,” Amin said.

Among the expected steps of Biden, he also included a bill to stimulate investments in the amount of about 2 trillion dollars to restore the economy after the pandemic, with a significant part of this amount going to clean energy.

"This will give an immediate impetus to investment in renewable energy, which will develop at a rapid pace, since solar and wind energy is currently the cheapest form of energy in the United States," - said the expert.

“Biden is aware that this next phase of industrialization will have enormous geopolitical implications and is determined to ensure that the United States continues to be the world leader,” summed up Adnan Amin.

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