The Biden-Harris Administration’s Climate Agenda

Overview

The climate agenda led by President Joe Biden has achieved significant milestones through legislative actions and executive orders. Notable investments in future-focused industries have been made, including electric vehicles, clean energy, and semiconductors, totaling over $860 billion. These initiatives aim to reduce greenhouse gas emissions across all economic sectors, demonstrating a strong commitment to environmental sustainability.

Investments and Initiatives

The Inflation Reduction Act, Bipartisan Infrastructure Law, CHIPS and Science Act, and other measures have spurred business investments and job creation in manufacturing and clean energy sectors. These efforts have revitalized communities and are aligned with the administration’s goal of reducing greenhouse gas emissions by 50% by 2030 and achieving net-zero emissions by 2050.

Principles for Voluntary Carbon Markets

The White House has introduced new principles for responsible participation in Voluntary Carbon Markets (VCMs) to drive credible climate action and economic opportunities. Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm have endorsed these principles to enhance decarbonization efforts and ensure market integrity.

Ensuring Integrity in VCMs

The administration’s principles aim to establish robust standards for carbon credit supply and demand, improve market functioning, and prevent greenwashing. By prioritizing emissions reductions and transparency, these principles seek to make VCMs a tool for emissions reduction rather than a substitute.

Advancing Climate Opportunities

The Biden-Harris Administration is actively promoting VCM development, supporting initiatives for farmers and forest landowners to participate in carbon credit programs. Additionally, investments in carbon dioxide removal technologies and international standard-setting efforts underscore the administration’s commitment to global climate goals.

Regulatory Measures

To ensure market integrity, U.S. regulatory agencies like the Commodity Futures Trading Commission (CFTC) are actively involved in combatting fraud and promoting transparency in VCMs. An interagency Task Force on Voluntary Carbon Markets has been established to coordinate actions across the administration and uphold market integrity.

Overall, the Biden-Harris Administration’s dedication to high-integrity VCMs is crucial for mobilizing private capital towards effective climate solutions and achieving both national and global climate objectives.

Read More of this Story at communityjournal.net – 2024-05-29 13:34:13

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