US President Joe Biden has emphasized the importance of renewable energy research and innovation. He believes that it will be critical to enhancing the country’s economic rebound as part of a multi-trillion-dollar investment stimulus package.
The President announced his ‘American Jobs Plan.’ It is a $2 trillion investment program that aims to be the most significant investment in US infrastructure and employment since World War II.
While it provides direct fiscal benefits and rewards to solar and batteries, Biden praised its potential to stimulate R&D inside the country. It will result in transformative progress in our fight against climate change, with real benefits for both American employment and American innovation.
Biden contrasted the fact that the US government had traditionally spent about 2% of its GDP on R&D with the fact that this had now dropped to less than 1%. Biden praised the possible positive effects on the economy and some strategic sectors in restoring it to unprecedented highs.
The investment package is intended to improve America’s significant position in markets where global supremacy is at stake. Markets such as battery technology, bioengineering, microprocessors, renewable energy, and rivalry with China, to name a few, are examples of where the investment package targets.
Biden’s comments about the rivalry with China came on the same day that the United States Trade Representative (USTR) released its annual report, which offers a comprehensive summary of the US’ trade ties with foreign markets.
According to the report, The United States’ relations with China put a spotlight on serious and persistent excess ability situations. This refers to sectors such as solar panels, as well as additional policies that the government claims have skewed many markets.
Energy storage has received early support from Jennifer Granholm’s DOE. The department has put its support behind a US$75 million national R&D center for energy storage, which is aimed primarily at advancing long-duration energy storage technologies and is expected to be operational by 2025.
Biden insisted that the country should buy American solar products after making significant investments in renewable storage and grid infrastructure.
Along with introducing a renewable energy investment package within the country, Biden encouraged global leaders to increase their investments in renewable technology to ensure the earth does not hit the “point of no return” in the environmental crisis.
The US president announced that the country would re-join a number of international partnerships in order to promote clean energy innovation and reduce greenhouse-gas emissions from agriculture.