Topline
President Joe Biden announced Friday that former Obama and Clinton Administration official John Podesta will oversee $370 billion in clean energy spending authorized in the Inflation Reduction Act, which is the largest federal investment ever to combat climate change.
Former Clinton White House chief of staff John Podesta is interviewed for the Discovery Channel’s, … [+]
Key Facts
Podesta, 73, will serve as Biden’s senior advisor for clean energy innovation and implementation, with the president touting his extensive “experience at senior levels of government.”
Podesta held several White House roles under former President Bill Clinton, culminating in a stint as chief of staff from 1998-2001, and returned to the White House in 2014 to serve as counselor to former President Barack Obama before departing the role just over a year later.
He also chaired Hillary Clinton’s unsuccessful 2016 presidential campaign, and has recently been involved with several climate initiatives, such as heading the board of the ClimateWorks Foundation.
Podesta will additionally take over as head of Biden’s National Climate Task Force, replacing former EPA chief Gina McCarthy, who Biden selected as the first-ever White House national climate advisor.
McCarthy will step down from her role on September 16.
Key Background
Biden signed the Inflation Reduction Act into law last month following a surprise deal struck by Senate Majority Leader Chuck Schumer (D-N.Y.) with key holdout Sen. Joe Manchin (D-W.Va.)on the spending bill after the centrist West Virginia senator shot down several earlier versions of the legislation that were more expensive. The $370 billion for combating climate change is set to fund numerous new tax credits to support the transition away from fossil fuels to clean energy. It will also renew the $7,500 tax credit for many new electric vehicles, which will be expanded to cover hydrogen-powered cars, and create a new $4,000 tax credit for used clean energy vehicles.
Further Reading
Biden Signs Sweeping Climate And Health Care Package, Marking Major Victory (Forbes)
Here’s What’s in Democrats’ $370 Billion Climate Spending Deal (Bloomberg)
Source: https://www.forbes.com/sites/nicholasreimann/2022/09/02/biden-taps-veteran-democrat-john-podesta-as-clean-energy-spending-czar/