Biden’s Agenda for Sustainable Development
- Noyonika Bagchi
- Jul 3, 2021
- 2 min read
America’s new administration has made the environment the central focus of their federal policy. Keeping in mind the future, these policies will ensure the U.S. economy is ahead of the curve considering how competitive the world is shaping up to be, especially as an end is seen to the Covid-19 global pandemic. Here’s a summary of a Harvard Business Review article:
A previous post of mine talks about the impact these ESG focused policies will have on businesses. This post focuses on some new and interesting points.
Climate regulation is coming our way.
The global philosophy of aiming toward net-zero is picking up the pace. Climate change has been seen in increasing disasters across the world. Regulations surrounding the use of the environment are being drafted and implemented as we speak. The Biden-Harris administration is expected to set targets to reach net-zero emissions by 2050. In this 30 odd year span, there are mini milestones set up in order to ensure the U.S. economy meets their goal.
Carbon pricing is on the way.
There a tell tale signs that the administration will give the green light on carbon pricing. Agents within the U.S. private sector, will need to revise policies and create protocols for themselves to stay ahead of the curve. This added price will drastically affect how businesses operate. I have a blog post coming out on this topic soon, so keep an eye out for it.
Public investment in the clean energy economy will rise.
The Biden-Harris administration’s climate plan states that $2 trillion dollars is to be invested in infrastructure and clean energy. Achieving 100% clean electricity nationwide by 2035 is the goal, with 40% of clean energy funding directed to disadvantaged communities. This is an ambitious plan and it is clear that this will soon become a very competitive space. There is a lot of potential for public-private partnerships to boom here.
Corporate climate advocacy will drive a smooth transition to net-zero.
Leading on from the previous point, companies will have greater opportunity for public-private dialogue and collaboration on climate action under the Biden-Harris administration. Investors, stock holders and business leaders have a lot of scope for innovation in the green energy arena.
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