An Update on Biden’s Energy Policy and Environmental Actions

In March 2021, we wrote about what President Joe Biden’s energy policy means for your company. Now, as we head into 2022, it’s time for an update on Biden’s energy policy. In what ways has Biden followed through with his promises? Is Biden on track to accomplish his agenda? We’ll explore all that below.

A Refresher on Biden’s Energy Policy

Biden’s energy policy includes:

• Enact legislation in 2021 that puts the U.S. on the path to achieve economy-wide net-zero emissions no later than 2050.
• Invest $400 billion over ten years in clean energy and innovation.
• Accelerate the deployment of clean technology throughout the U.S. economy.
• Set a target of reducing the carbon footprint of the U.S. building stock 50% by 2035, creating incentives for retrofits that combine appliance electrification, efficiency, and on-site clean power generation.
• Require public companies to disclose climate-related financial risks and the greenhouse gas emissions in their operations and supply chains.

What Has Biden Accomplished in 2021?

So far this year, President Biden has:

• Elevated climate change as an essential element of US foreign policy and national security
• Kicked off development of a new emissions reduction target, which will be announced by April 22
• Reestablished the President’s Council of Advisors on Science and Technology
• Rejoined the Paris climate accord
• Canceled the Keystone XL pipeline
• Directed agencies to review and reverse more than 100 Trump actions on the environment
• Ordered Federal vehicles and buildings to use 100% renewable energy by 2050
• Signed a $1 trillion infrastructure bill that includes historic funding to protect the U.S. against the detrimental effects of climate change.

Is Biden On Track?

In a word, yes. Biden has made the most of his first year in office, signing numerous executive orders aimed at combatting climate change and reaching net zero emissions nationwide. Expect him to maintain this momentum in 2022 and throughout the rest of his presidency. As for his longer term goals, their success depends on the upcoming midterm and presidential elections in 2022 and 2024.

Got Questions or Comments?

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