Biden Launching New $600 Million Climate Change Initiative

Topline

President Joe Biden is expected to announce more than $600 million in climate investments meant to fight rising sea levels, protect coastal communities and modernize California’s electric grid, according to multiple reports, in his administration’s latest initiative aimed at mitigating climate change.

U.S. President Joe Biden speaks before signing an executive order that would create the White House … [+] Office of Environmental Justice, in the Rose Garden of the White House April 21, 2023 in Washington, DC. Drew Angerer/Getty Images

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Key Facts

Biden will begin a three-day trip to northern California on Monday that is reportedly expected to start with an announcement of new federal funding for several climate resilience projects.

The lion’s share of the investment will reportedly go toward a $575 million National Oceanic and Atmospheric Administration project to help coastal and Great Lakes communities become more resilient to extreme weather and other impacts of the climate crisis.

Funding for the project is coming from both the Inflation Reduction Act and the Bipartisan Infrastructure Law, the Bay Area’s ABC affiliate reported.

Biden is also expected to announce a $67 million investment for California to modernize its electric grid, reducing the impact of extreme weather events like wildfires, according to Reuters.

The plan to host a White House summit on climate resilient communities later this year is also expected to be announced Monday, CNN reported, during which the Biden Administration will release a new National Climate Resilience Framework to outline steps the federal government can take to promote climate resiliency.

Key Background

Four major climate and environmental justice groups backed Biden last week in a first-ever joint endorsement from the Sierra Club, League of Conservation Voters (LCV) Action Fund, NextGen PAC and the NRDC Action Fund. Other environmental groups are holding off on announcing their support, the Washington Post reported, citing the administration’s recent approvals of fossil fuel infrastructure such as the Mountain Valley Pipeline and the Willow drilling project. Monday’s announcements are expected to help sway still-undecided groups and present Biden as the pro-environment candidate heading into the 2024 election.

Crucial Quote

Biden called climate change “the only truly existential threat” at the annual LCV capital dinner Wednesday.

Big Number

$370 billion. That’s how much the 2022 Inflation Reduction Act is pouring into clean energy programs. Some of that money is in the form of tax credits and rebates to help customers save on energy-efficient appliances, electric vehicles and renewable electricity for their homes, according to the New York Times.

Tangent

Biden’s California trip will also include several fundraising stops. Events will include a fundraiser hosted by Microsoft Chief Technology Officer Kevin Scott, his wife Shannon Hunt-Scott and Microsoft board member and LinkedIn co-founder Reid Hoffman, Reuters reported. California Gov. Gavin Newson (D), who once considered a 2024 run himself, is expected to attend a separate reception co-hosted by eight tech, climate and private equity entrepreneurs, and at least two other events are planned for the San Francisco area, according to ABC.

Biden Launching New $600 Million Climate Change Initiative—Focused On Great Lakes And Coasts