The White House will unveil a $2 trillion plan Wednesday calling for major infrastructure investments and tackling the climate crisis, while creating jobs and addressing racial inequities.
President Joe Biden will officially unveil the plan Wednesday afternoon in Pittsburgh. It is the first phase of a promised Build Back Better strategy that could add up to $3 trillion or more. Costs would be partially covered by permanently raising the corporate tax rate from 21% to 28% and reversing other corporate rates.
"Every dollar spent on rebuilding our infrastructure during the Biden administration will be used to prevent, reduce and withstand the impacts of the climate crisis," a White House fact sheet said.
The plan also calls for making the U.S. a leader in climate research and innovation, calling on Congress to invest $35 billion in clean energy technology, plus more for climate research and demonstration projects. The federal government would "jumpstart" clean energy manufacturing by using its purchasing power, the White House said.
The clean energy parts of the plan include significant investments in public transportation, energy efficient buildings, charging stations for electric vehicles and improving electric power grids. The plan would direct 40% of the benefits of climate and clean infrastructure investment to disadvantaged communities and invest in communities impacted by a market-based transition to clean energy,
Ceres CEO and President Mindy Lubber in a statement called it "one of the biggest investment opportunities in the clean energy future that will put us on the path to net-zero emissions, create sustainable infrastructure and well-paying jobs, and deliver justice to communities most harmed by climate pollution."
The White House said the plan would "invest resources wisely to deliver infrastructure projects that produce real results," instead of lagging behind Canada, U.K., Australia and most notably, China, but noted that delivering on the plan "will require partnership across government, unions and industry."