Key Impact Points
- New 2035 Target: The U.S. aims for a 61-66% reduction in greenhouse gas emissions by 2035, building on historic investments in clean energy.
- Economic Growth: Over $450 billion in private clean energy investments have been spurred under the Biden-Harris Administration, creating millions of jobs.
- Global Leadership: The new target aligns with the Paris Agreement and cements the U.S. commitment to net-zero emissions by 2050.
A Bold Climate Vision
President Biden announced an updated U.S. Nationally Determined Contribution (NDC) under the Paris Agreement, targeting a 61-66% reduction in greenhouse gas emissions by 2035 from 2005 levels. This target builds on the Administration’s previous 2030 goal of a 50-52% reduction and aims to achieve net-zero emissions by 2050.
Investments Powering Progress
Biden’s climate strategy is underpinned by landmark investments like the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL). These policies have mobilized over $450 billion in private investments, with highlights including:
- Arizona: $120 billion in clean energy investments and 370,000 jobs, including a $5.5 billion EV battery facility.
- California: $45 billion in investments and two million jobs, including a $4 billion lithium-ion battery Gigafactory.
- Georgia: $40 billion in investments and nearly 500,000 jobs, with Qcells’ $2.5 billion solar manufacturing expansion.
Clean Energy Innovations
Technological advancements are lowering costs and driving the U.S. clean energy revolution:
- Renewables: Utility-scale solar and wind energy costs have plummeted to as low as $27/MWh, making renewables competitive with fossil fuels.
- Battery Storage: Costs for utility-scale battery storage fell 89% between 2010 and 2023, enabling greater renewable energy integration.
- Clean Hydrogen: Production costs for green hydrogen are projected to halve by 2035, enhancing its viability for transportation and heavy industry.
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State and Local Leadership
State, local, Tribal, and territorial governments are critical to achieving these goals. Over 45 states and 200 Tribal and metro areas have developed Climate Action Plans, leveraging $4 billion in federal grants.
A Sustainable Legacy
President Biden’s 2035 NDC reflects a comprehensive strategy to position the U.S. as a global leader in the clean energy economy. This vision is rooted in creating millions of good-paying union jobs, reducing costs for consumers, and advancing environmental justice.
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