On March 31, 2021, President Biden issued a plan to invest $2 trillion in U.S. infrastructure, including significant investments to facilitate the transition to renewable resources and advanced energy technologies:
- The plan would invest $174 billion to increase the market share of electric vehicles and build a network of 500,000 EV chargers
- An additional $100 billion, including investment tax credits, to enable the construction of 20 GW of high-voltage electric transmission lines
- A 10-year extension and phase-down of an expanded direct-pay investment tax credit and production tax credit for clean energy generation and storage
- An investment of $16 billion to plug orphan oil and gas wells and clean up abandoned mines
- Expansion of tax credits to accelerate deployment of carbon capture technologies and $15 billion for clean energy technology demonstration projects
Prospects for congressional passage remain uncertain given its cost and the tax increases proposed to fund the plan.
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