Topline
Reports indicate that President Joe Biden is set to announce climate investments totaling over $600 million. These investments will focus on combating rising sea levels, safeguarding coastal communities, and modernizing California’s electric grid.
U.S. President Joe Biden speaks before signing an executive order that would create the White House … [+]
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Key Facts
President Biden will commence a three-day trip to northern California, where he is expected to announce new federal funding for various climate resilience projects.
The majority of the investment, approximately $575 million, will be allocated towards a National Oceanic and Atmospheric Administration project that aims to enhance the resilience of coastal and Great Lakes communities to extreme weather and other climate crisis impacts.
Funding for this project is sourced from both the Inflation Reduction Act and the Bipartisan Infrastructure Law, as reported by an ABC affiliate.
Additionally, President Biden is expected to announce a $67 million investment to modernize California’s electric grid, mitigating the impact of extreme weather events such as wildfires. This information comes from Reuters.
Furthermore, the White House is anticipated to announce plans for a summit focused on climate resilient communities later this year. During this summit, the Biden Administration will unveil a new National Climate Resilience Framework outlining steps the government can take to promote climate resiliency. This was reported by CNN.
Key Background
Last week, four major climate and environmental justice groups, including the Sierra Club and the League of Conservation Voters (LCV) Action Fund, publicly endorsed President Biden for the upcoming election. However, other environmental groups have yet to declare their support, citing concerns over the administration’s recent approvals of fossil fuel infrastructure projects. Monday’s announcements are expected to help persuade undecided groups and position President Biden as the pro-environment candidate in the 2024 election, as per The Washington Post.
Crucial Quote
During the annual LCV capital dinner, President Biden referred to climate change as “the only truly existential threat,” as reported by the White House.
Big Number
The 2022 Inflation Reduction Act is channeling a total of $370 billion into clean energy programs. This funding includes tax credits and rebates aimed at assisting customers in adopting energy-efficient appliances, electric vehicles, and renewable electricity for their homes, according to the New York Times.
Tangent
President Biden’s California trip will also involve several fundraising events. Notably, a fundraiser will be hosted by Microsoft Chief Technology Officer Kevin Scott, his wife Shannon Hunt-Scott, and LinkedIn co-founder and Microsoft board member Reid Hoffman, as reported by Reuters. California Governor Gavin Newsom (D), who had considered a 2024 run himself, is expected to attend a separate reception co-hosted by eight tech, climate, and private equity entrepreneurs. Furthermore, at least two other events are planned for the San Francisco area, according to Follow Google News
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Jessica Irvine is a tech enthusiast specializing in gadgets. From smart home devices to cutting-edge electronics, Jessica explores the world of consumer tech, offering readers comprehensive reviews, hands-on experiences, and expert insights into the coolest and most innovative gadgets on the market.
