Former Vice President Joe Biden unveiled a plan Tuesday to put $1.7 trillion into clean energy research and infrastructure overhauls, funded by rolling back Republican corporate tax cuts.
The 2020 Democratic presidential candidate aims to use that federal investment to spur more than $5 trillion in state, local and private money for measures to address climate change, his campaign said. Biden would push for net-zero emissions by 2050, reenter the Paris climate accords and ban new oil and gas permits on public lands and waters.
“As president, I will lead America and the world, not only to confront the crisis in front of us, but to seize the opportunities it presents,” Biden said in a video accompanying the plan’s release.
The proposal comes as Democrats call for drastic action to address a warming planet in the face of natural disasters that have battered parts of the country. While Biden has not embraced the sweeping Green New Deal plan as some of his competitors have, he called it “a crucial framework for meeting the climate challenges we face.”