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Summary
- The new US president signed the executive order to rejoin the Paris climate change agreement.
- Biden has temporarily suspended the oil and gas leasing activities in the ANWR, in line with his campaign promise of banning drilling activity on public lands.
- The clean energy revolution plan proposes to make the US a carbon-neutral economy by 2050.
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Joe Biden sworn in as the 46th U.S. president on Wednesday evening, just seven days after Donald Trump's allies declined to acknowledge the then incumbent President's defeat.
On the very first day after taking the charge, the president signed the executive orders to rejoin the Paris climate change agreement. The president also revoked the Keystone XL oil pipeline license, which was intended to transport crude oil from Alberta in Canada to the Gulf Coast. Further, Biden temporarily suspended the ANWR's oil and gas leasing activities (Arctic National Wildlife Refuge).
Must Read: Trump a no-show as Biden swears in as U.S. president
Biden’s clean energy plan
Biden's clean energy revolution plan aims to achieve a 100% clean energy economy and net-zero carbon emission by 2050. The president also plans to invest in infrastructure that doesn't harm the environment. In addition to that, Biden also wants other nations to reframe domestic climate targets to avoid climate change’s effect on vulnerable communities.
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Biden’s climate and environmental justice proposal seeks to invest over US$1.7 trillion in the next 10 years while also taking additional local, private, and state investments to above US$5 trillion.
Battle of the clean energy plan
While Biden represents a US$1.7-trillion clean energy plan, which includes a proposal to install 500,000 EV charging points across the US by 2030, the plan also includes an allocation of US$400 billion towards R&D in clean energy by trimming down the subsidies on fossil fuels, and encourages nuclear energy for electricity generation. The Former president Trump's clean energy plan went into the vain after his inaccurate claim that the country's environment was in the best form in April last year.
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Biden plans to upgrade the vehicle emission standards. On the flip side, Trump had backtracked from Obama-driven vehicle emission policies.
Biden wants to engage the world in a climate mitigation plan. This was well supported by the president's action of rejoining the Paris Agreement on the first day of her oath ceremony. On the contrary, Trump pulled the US out of the global agreement.
Biden and the US Oil & Gas Industry
Biden wants to promote carbon capture, and storage (CCS) technology to effectively monitor and achieve the emission reduction goals. The CCS plan will be well supported by the penalty-driven process where the polluter will bear the full cost of the associated carbon emissions.
The US energy industry has already entered the transition phase towards low-carbon emissions. The government may ask the energy companies to adhere to the new standards on gas flaring, carbon footprints, and the overall environmental impact.
Good Read: Oil Price At 11-Month High As Dollar Weakens & Saudi Output Cut Plans
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Biden has pledged to stop new drillings on public lands, and a supporting decision was seen on the first day of his taking the office as he temporarily suspended ANWR leases. Biden's presidency may favour the Middle East countries, allowing them to regain the lost market share, which was partially captured by the domestic oil producers.
