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How it fights climate change

The US President Joe Biden reacts at a meeting on the “Build Back Better World” (B3W), which was part of the World Leaders Summit of the COP26 UN Climate Change Conference. It took place in Glasgow, Scotland.

Brendan Smialowski | AFP | Getty Images

President Joe Biden on Monday signed a $1 trillion bipartisan infrastructure bill that includes historic funding to protect the country against the detrimental affects of human-caused climate change.

In the new infrastructure bill, $50 billion is allocated for climate resilience, weatherization and mitigation as the country experiences more extreme droughts, heatwaves, flooding, and wildfires. The bill provides financial support for those communities most in need of it, increases the funding available for Federal Emergency Management Agency programs and Army Corps of Engineers programs to reduce flooding risk and damages, and allocates additional resources to help them recover from and be more resilient to future disasters. Additional funding will be provided to the National Oceanic and Atmospheric Administration for wildfire forecasting and modeling.

In 2011, a record amount of catastrophes occurred $95 billion in damagesThe NOAA estimates that this record could be broken by 2021.

The legislation also includes other climate and environmental investments:

  • $65,5 billion in investments for grid-related and clean energy projects
  • $17.5 billion for the construction of a nationwide network charging stations for electric cars
  • Access to safe drinking water will be expanded by $55 billion
  • $21 Billion to Cleanup Superfund Sites and Brownfield Sites and Cap orphaned Oil and Gas Wells.

Biden’s funding for infrastructure shows how the federal government acknowledges climate change and addresses it as a systemic threat to all of society. There were more than 20 federal agencies in the last month published climate adaptation plans revealing the biggest threats climate change poses to their operations and facilities and how they plan to handle them.

The bill’s infrastructure does not do enough to stop planet-warming emissions of greenhouse gasses. Also, it fails to address the level of investmentScientists agree that it is essential to be prepared for all the possible consequences of climate change. According to research, climate adaptation could be costly for the U.S. tens or hundreds of billions of dollars each yearBy the middle of the century

It does, however, clear the way for Congress to advance the core of Biden’s climate agenda — the Build Back Better ActThe House of Representatives has allocated $555 billion for aggressive climate action and cutting emissions by half in the following ten years. The House aims to pass its version of the bill this week. 

Manish Bapna (CEO and president of the Natural Resources Defense Council) said, “This scene is one of two-act plays.”

Bapna stated that it sets the scene for Congress to adopt the Build Back Better act. This is the core of President Biden’s strategy to accelerate equitable recovery while taking climate action when it’s urgently needed.

Last time the United States tried to get climate legislation passed was 2009 when former President Obama’s carbon pricing system was rejected by Congress Democrats. Barack Obama. Ex-President Donald TrumpIt effectively stalled progress in climate change, by overturning more than 100 environmental laws and pulling the nation out of the Paris Climate Agreement.

After long negotiations with Republicans and Democrats in Washington, a reduced version of Biden’s plan was reached. President Obama slashed by more than half his initial proposal of spending $2.3 trillion to fix infrastructure and mitigate climate change.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.