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December 22, 2020

Biden Has Massive Climate Plans. Where Will He Find the Money to Fund Them?

Nicholas Institute for Environmental Policy Solutions

President-elect Joe Biden is planning to pursue a costly package of climate change policies aimed at transforming the country’s economy, including the way farmers plant crops and the way automakers design engines. The Washington Post explored a variety of appropriations that Biden could tap to merge the need for stimulus spending with the need for climate action.

Green banks are one device that didn’t feature in Biden’s campaign climate plan. Many states already have such banks that are working well, supporting small businesses and creating jobs. Unlike other stimulus programs, green banks need seed money, and then they pay their own way with revenue they generate.

North Carolina formed a “clean energy fund” in October, designed to leverage private investment and help the state meet its greenhouse-gas-reduction goals, Jennifer Weiss, senior policy associate at the Nicholas Institute’s Climate and Energy Program, told The Post.