White House prices climate record at $1 trillion
TL/DR –
Vice President Kamala Harris is promoting the administration’s environmental agenda, valuing it at $1 trillion. The figure comprises various related legislative victories, and is being used to garner support, particularly from young voters, ahead of the next election. However, the total is at odds with the $369 billion 10-year cost previously estimated by the Congressional Budget Office for the energy and climate provisions in the Inflation Reduction Act, the US’ biggest ever investment in climate.
Vice President Kamala Harris Touts $1 Trillion Climate Investment
Vice President Kamala Harris has been promoting the administration’s climate change agenda, highlighting a $1 trillion investment in various appearances, without going into the specifics of the calculation.
This sum is not the promised $2 trillion environmental and social spending plan from Biden’s 2020 campaign, which faced legislative hurdles. However, the touted figure, a sum of various environmentally related legislative successes, might garner voter support for the Biden-Harris re-election, especially among climate-conscious youth.
At the COP28 climate conference held in Dubai in December, Harris quoted the $1 trillion figure twice, expressing it as an investment over the next 10 years to reduce greenhouse gas emissions, enhance climate resilience, and build a clean energy economy.
This figure diverges from the $369 billion – the ten-year total cost as estimated by the Congressional Budget Office for the energy and climate provisions in the Inflation Reduction Act (IRA), the US’s largest ever climate investment.
The $1 trillion figure is reached by adding various elements, including $54 billion from the CHIPS and Science Act of 2022 and more than $530 billion of new spending in the Infrastructure Investment and Jobs Act, among other funding increases.
‘Administration has delivered’
Despite criticism from Republicans and opponents of the IRA who view these numbers as excessive, Harris leverages the high price tag as a sign of commitment. Supporters, like Matthew Davis of the League of Conservation Voters, argue the figure effectively demonstrates the administration’s dedication.
However, for climate-conscious young voters, this substantial investment might not suffice to ensure their turnout at the polls. The Sunrise Movement, a youth activist group, says while progress has been made, the administration needs to do more.
The first mention of the $1 trillion figure from Harris appears to be in a meeting in February 2023 at the White House with state governors. She spoke about climate as an area where she and Biden had delivered on their promises, estimating the total investment for climate initiatives to be $1 trillion.
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