Last week, President Biden announced the American Jobs Plan, an ambitious proposal aimed at creating jobs and spurring innovation, with a particular focus on the energy sector and supporting the nation’s transition to a fairer, greener economy. Among the many laudatory goals laid out is transitioning the country to 100 percent carbon-free electricity by 2035.
Reaching this goal is critical. The science is clear that the United States and the rest of the world are currently on a dangerous trajectory if we do not seriously address the climate crisis — and implementing smart policies to reduce our carbon footprint while strengthening the economy has been a cornerstone of the president’s agenda. The president’s plan combines a blend of incentives for the manufacturing and deployment of innovative technologies like renewables and electric vehicles, with attainable reductions in the use of fossil fuels for energy generation. With the president’s announcement, the hard work turns to Congress, where members must figure out how to turn the American Jobs Plan into action, and ultimately law.
As an investor in clean energy companies including Tesla, I applaud the president for this bold action. The United States has the technology to move to a cleaner energy economy. There is, however, another clear opportunity to address climate change that Congress should consider as it writes the legislation: Policies that phase out the development of oil and gas energy on public lands.
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Nancy Pfund is managing partner of DBL Partners, a leading investor in innovative companies. She is also a founding member of the Business Coalition for Conservation and Climate a group of prominent investors and business executives urging Congress and the Biden administration to implement common sense policies to protect public lands and the economy.
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