Biden at COP27 “A good climate policy is a good economic policy”
At the 2022 United Nations Climate Change Conference COP27 in Sharm El Sheich, Egypt, United States President Joe Biden confirmed that “the US will meet its 2030 emission targets” and said that “a good climate policy is a good economic policy.”
During his speech on Friday (11 November), The president promised to achieve the 2030 emission target under the Paris Agreement of reducing emissions 50-52% below 2025 levels by 2030 and vowed to fight the climate crisis by helping to cap global warming to 1.5 degrees Celsius.
He also boasted infrastructure initiatives underway such as upgrading the national power grid to more clean energy, expanding public transit and rail, and building a network of electric vehicle (EV) charging stations.
Earlier this year, the US Department of Transportation and Energy earmarked $5 billion in investments over the next five years to build a national electric vehicle charging network along interstate highways and designated alternative fuel corridors.
During his speech, the president also highlighted his signing of the Inflation Reduction Act which includes US$368bn to combat climate change. Included in the Act is qualifying certain EVs for a $7,500 phase in of tax credits.
Moreover, the US government has plans to buy only 100% zero emission light duty vehicles for its own fleet from 2027 on, and all vehicle acquisitions need to be emission-free models by 2035.
In 2021, Oschosh defence was awarded US$482mn contract to build electric postal vehicles (copyright: USPS)
Besides boosting the country’s fleet of zero emission vehicles, the US is focused on developing clean electricity, pushing wind and solar, and accomplishing innovative hydrogen projects, he said, adding that the goal is to cut 1bn tons of harmful emissions by 2030.
Just yesterday (November 10), the US became the first government to require all major federal suppliers to disclose their emission and climate risks and set targets that are aligned with the Paris Agreement, President Biden said.
“And we are aimed at helping the clean energy transition worldwide, not only in the U.S.” the president said, mentioning a multi-billion-dollar emergency plan for adaptation and resilience called Prepare which is aimed at helping more than half a billion people in developing countries respond to climate change.
Finally, the president expressed that cutting methane emissions – which is 80 times more potent than carbon - is crucial. It accounts for at least half of the net warming taking place today and cutting methane by at least 30% by 2030 is key to the 1.5 degrees Celsius target. The US is investing US$20bn to control methane emissions, the president said.
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Photo: US President Joe Biden (source: CNN)