Will Biden Build Back Better (And Greener)?

Given it looks like Trump has been fired from the USA’s top job, what does President-elect Joe Biden’s “build back better” approach hold in terms of renewable energy and addressing climate change?

The saying goes:

“When America sneezes, the whole world catches a cold”

While these days it may catch something else and the USA’s influence is arguably waning as China rises¹; its actions will still profoundly affect politics, business, policy and culture around the world for the foreseeable future –  including right here in the good old US of Australia.

Biden On Climate Change

Joe Biden believes in climate change, stating there is no greater challenge facing his country and the world. This acknowledgement is a very good start. Among the damage wreaked by Trump was his decision to exit the Paris Agreement, with the exit formally occurring on November 4. That day, Joe Biden tweeted:

“Today, the Trump Administration officially left the Paris Climate Agreement. And in exactly 77 days, a Biden Administration will rejoin it.”

As to whether this will be achieved or how fast it will occur will depend on how the battle for the US Senate pans out.

The ultimate goal of Joe Biden’s climate plan is to ensure the U.S. achieves a 100% clean energy economy and reaches net-zero emissions no later than 2050. Within the first year of his presidency, he will demand Congress enacts legislation establishing an enforcement mechanism including milestone targets that will be established no later than the end of his first term in 2025.

There are some controversial aspects in his plan, including a desire to make carbon capture and storage (CCS), referred to as carbon capture, use and storage (CCUS), a widely available, cost-effective, and rapidly scalable solution. Aside from CCS’s viability still being hotly debated, it’s akin to sweeping dirt under the rug and could unnecessarily extend the use of fossil fuels for electricity generation.

Biden On Renewables

The “100% clean energy economy” Biden will strive for isn’t just renewables. Nuclear energy will continue to have a seat at the table, with one of the aims being developing small modular reactors at half the construction cost of today’s reactors.

On the renewable energy front, President-elect Biden specifically mentions renewables to produce hydrogen at the same cost as that from shale gas² Biden has committed to investing $400 billion over ten years in clean energy and innovation, but the proportion to be earmarked for renewables such as solar power isn’t clear. However, Biden clearly has some affection for both wind and solar energy.

While there’s a lot of detail yet to be revealed, renewable energy industry bodies have generally welcomed Joe Biden’s apparent victory – and are keen to have a word with him. President and CEO of the Solar Energy Industries Association (SEIA) Abigail Ross Hopper said:

“President-elect Biden’s plan to combat climate change enables our industry to create hundreds of thousands of well-paying jobs across the country.”

Ms. Hopper noted the SEIA will outline its 100-day plan with the new administration and with members of Congress in the coming weeks.

The American Council on Renewable Energy (ACORE) also congratulated Mr. Biden.

“An accelerated transition to renewable power provides both climate protection and economic prosperity,” said ACORE President and CEO Gregory Wetstone. “With more than $60 billion in annual investment, and two of the nation’s fastest-growing job categories – wind turbine technician and solar power installer – renewable energy can help power America’s economic recovery, as it did in 2009.”

Biden On Fossil Fuels

Joe Biden’s campaign apparently refused to accept contributions from oil, gas and coal corporations or executives. He still did very well in raising cash, perhaps due in part to this stance.

The interest in the CCUS unicorn aside that may not end well, it would appear President-elect Biden believes coal power’s days are numbered as evidenced by his clean energy goal. He has also committed to investing in coal and power plant communities and other communities impacted by the transition.

The subject of fracking is a thorny topic. Trump said on a number of occasions that Biden was opposed to fracking and depending on which side of the fence you’re on, this could be a very good thing. But he isn’t opposed to fracking. He has committed to banning new gas and oil permits for activities including fracking on federal lands.

A Heads-Up For Scotty

On Sunday, Australian Prime Minister Scott Morrison thanked Trump and had a message for Mr. Biden.

“We also look forward to working with President-elect Biden and his Administration to continue to fight the COVID-19 global pandemic and recession, to develop a vaccine, drive a global economic recovery, and develop new technologies to reduce global emissions as we practically confront the challenge of climate change.”

With President-elect Biden setting his sights on a firm carbon-neutrality target and the Morrison Government yet to implement one, this will put more pressure on Australia to follow suit. In comments to Vox in October, President-elect Biden said he:

“will use every tool of American foreign policy to push the rest of the world to raise their ambitions alongside the US.”

Side note: in the last month or so, Japan, China and South Korea have tabled carbon-neutrality targets. This not only applies pressure on Australia in terms of a commitment, but as previously mentioned these three countries were among the top 5 importers of Australian thermal coal in 2019; accounting for 52% of our exports between them.

President-elect Joe Biden may not be the messiah when it comes to emissions reduction and renewables; but hopefully the time ahead will offer a breath of fresh air; quite literally.

Original Source: https://www.solarquotes.com.au/blog/biden-climate-renewable-energy-mb1753/