Key ‘Bidenomics’ architect calls for spending ‘race to the top’ on Green Technologies
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.