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Biden races to commit billions to climate action as election looms

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on The Guardian or enjoy below:

🗞️ Driving the news: President Joe Biden's administration is rapidly deploying billions in funding for climate action initiatives, aimed at securing enduring cuts to emissions regardless of future presidential terms
• This move, part of efforts under the Inflation Reduction Act (IRA), includes investments in zero-emissions concrete, low-pollution food production, and solar panels and electric stoves for low-income households

🔭 The context: The urgency of this funding surge is twofold: addressing the critical climate crisis and pre-empting potential political shifts that could threaten these initiatives
• This is especially important with the upcoming election and the possibility of a new administration led by Donald Trump, who has criticized Biden's climate policies

🌍 Why it matters for the planet: These investments aim to significantly reduce carbon pollution by innovating in hard-to-decarbonize sectors and enhancing renewable energy adoption, promising substantial long-term environmental impacts globally

⏭️ What's next: The administration's current funding strategies, including the creation of "green banks" through the Greenhouse Gas Reduction Fund, are expected to attract substantial private investment
• This will amplify their impact on clean energy projects and industrial decarbonization efforts

💬 One quote: "It’s very tough for a new administration to pull back funding once it has already committed," (Melissa Lott, Columbia University)

📈 One stat: $20bn - Awarded under the Greenhouse Gas Reduction Fund to non-profit groups for low-interest loans on clean energy projects

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