BIDEN PREPARES TO GO BIG FOR U.S. ENERGY FUTURE
In November 2008, then President Elect Obama’s incoming chief of staff, Rahm Emanuel, said in an interview, “Never let a crisis go to waste. They are opportunities to do big things.” He was alluding to the incoming Democratic administration’s policy for economic recovery from the 2008-09 recession, but, ever since Winston Churchill first made a similar comment in the mid-1940s at the height of World War II, politicians across the ideo-logical spectrum have embraced the same sentiment for di-verse purposes. President Elect Joe Biden is certainly taking it to heart with his proposal to spend $2 trillion over the next four years to advance his energy policy agenda, which comprise two main themes: de-carbonization and re-regulation.
Biden’s plan is chock full of proposals to reduce carbon emissions in the power and transportation sectors significantly. He is aiming for net zero CO2 emissions from electric generators by 2035 through a dramatic expansion of wind and solar generation and major investments in battery storage and new trans-mission lines. To curb emissions in the transportation industry, he has endorsed not only widespread electrification of the na-tion’s vehicle fleet but also a massive proliferation of public charging stations to support it. Biden’s carbon-free ambitions also extend to manufacturing. He has expressed a desire to overhaul emissions-heavy industries—such as steel, concrete, and chemicals—and boost funding for research on low-carbon manufacturing.
When it comes to regulation, Biden has made no secret of his desire to rein in the oil and gas sector with a moratorium on new drilling on federal lands, stricter standards for permitting new wells, and tighter restrictions on methane emissions. Energy efficiency is another key objective of his: net zero emissions for all new buildings by 2030 and a massive efficiency retrofit for public buildings and households within five years. Reviving key international energy initiatives and reorganizing the U.S. government’s environmental entities round out Biden’s energy policy agenda.
To be sure, these are bold aspirations intended to improve the profile of the U.S. economy as a leader in environmental stewardship, and Biden will be able to realize some of them through executive orders. However, others will require legislation, and, although Democrats will control the executive branch, they will have their thinnest margin of control in the House since 1943 at 222-212 and will need Vice President Kamala Harris to break any ties in the new 50-50 Senate.