Biden adviser Heather Boushey urges UK and Europe to increase climate friendly investment to reboot growth. Below are some summary points on the future commitments to green technologies:

  • Heather Boushey, a top adviser to President Joe Biden, emphasizes the need for global governments to increase public investment in green technologies.
  • Boushey suggests that such investments will counter global heating and promote sustainable economic growth.
  • The Biden administration’s decision to invest heavily in infrastructure and renewables is attracting private investment.
  • Boushey’s European tour included meetings with Ed Miliband, highlighting ties between the Labour Party and the Democrats.
  • The White House plans to invest $369bn in clean energy and low-carbon technologies via Biden’s Inflation Reduction Act (IRA).
  • Boushey frames the global green investment initiative as a “race to the top.”
  • Labour had initially promised £28bn annually for green jobs and industry but adjusted the timeline for reaching this figure to 2027.
  • Boushey argues that green spending can lead to more resilient economic growth, emphasizing that President Biden has not increased the deficit during his tenure.
  • She warns that failure to invest in green technologies might result in countries importing these products from abroad.
  • Investing in green energy can offer protection against future inflation shocks and reduce dependence on volatile fossil fuel prices.
  • The UK government recently agreed on a £500m support package for Tata Steel to transition to greener steelmaking methods.
  • UK Chancellor Jeremy Hunt clarifies that the UK will not adopt Biden’s economic approach.
  • Critics suggest Biden’s approach might strain relations with allies and increase living costs. Boushey counters that the global challenge to decarbonize means there’s ample opportunity for everyone.
  • International Energy Agency and OECD data indicate that up to $6.9tn of annual global investments might be required to meet the Paris agreement’s emissions reduction target.
  • Concerns arise about a potential US recession due to persistent inflation and the US Federal Reserve’s higher interest rates. Boushey remains optimistic about the US economy’s strength.