Joe Biden’s $2 trillion plan to revive the economy would rely on boosting jobs in clean energy, and would accelerate the effort to shift to carbon-free electricity. Biden’s energy and infrastructure program released Tuesday calls for a 100% carbon-free electricity industry by 2035, at least five years earlier than mandates already in place in states including California and New York.
Biden’s clean-energy and climate plan is central to his economic-recovery efforts, said Jigar Shah, an executive council member at Clean Energy for Biden, a group of industry leaders supporting the presumptive Democratic presidential nominee. The plan would buoy the industry and aim to expand employment at a time when the U.S. has faced record job losses.
“This is the only sector where America could put $2 trillion to work,” said Shah, who is also co-founder of clean-energy financier Generate Capital. “We know that it can put people to work.”
A Biden presidency would benefit wind companies including turbine manufacturer Vestas Wind Systems A/S and blade producer TPI Composites Inc., according to Jeffrey Osborne, an analyst at Cowen & Co. Equipment suppliers including Enphase Energy Inc. and SolarEdge Technologies Inc. could also expect higher demand from solar developers.
State Mandates
Biden’s target of creating a carbon-free energy industry by 2035 is more ambitious than other state mandates that have been passed in recent years. California and New Mexico expect their grids to be emissions-free by 2045, and New York is aiming for 2040.