WASHINGTON (AP) – Democratic presidential candidate Joe Biden is pitching a $5 trillion-plus climate action proposal that he says would lead the U.S. to net zero emissions of carbon pollution by 2050.
Biden’s plan calls for $1.7 trillion in federal spending over 10 years, with the rest of the investments coming from the private sector.
Biden proposes paying for the plan by repealing President Donald Trump’s corporate tax cuts and eliminating subsidies to the fossil fuels industry. He tracks some ideas of the Green New Deal that some Democrats are pushing in Washington, but he is not as aggressive in his proposed timeline.
The former vice president says in a statement the world’s changing climate threatens “the livability of our planet.” He says the U.S. must “solve big problems with big ideas.”