Forbes: Biden seeks $2 trillion in clean energy subsidies

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Presumptive Democratic presidential candidate Joe Biden.

Former vice president and presumptive Democratic presidential nominee Joe Biden wants there to be another $2 trillion in incentives, subsidies and tax abatements for renewable energy projects, according to Forbes.

Biden's goal in committing the money to those subsidies is part of an effort to secure votes from those who would have voted for U.S. Sen. Bernie Sanders (I-Vt.), Forbes reported. He plans to spread the money over his first four years in office if he is elected.

Forbes says the money is an acceleration of new subsidies of $1.7 trillion that Biden proposed during the primary season to be spread over 10 years, but those who favored Sanders were not happy with that proposal.

Biden's revised proposal more closely resembles the Green New Deal that U.S. Rep. Alexandria Ocasio Cortez's (D-N.Y.) proposed last year. The Green New Deal's goal is for 100% clean energy by 2035.

Forbes questions if the new subsidies are necessary since there are already tax credits, mandates and other subsidies and incentives that already exist. The magazine also reported the Biden wants a civilian conservation corps to be modeled after President Franklin D. Roosevelt's Depression-era programs to create jobs.

Biden has also been quoted as saying he would adopt a proposal by Senate Minority Leader Chuck Schumer (D- N.Y.) that would put money toward a changeover from vehicles that use traditional gasoline to those that are electric or hybrids, according to the news media.

The Energy Alliance reported that since 2006, Texas wind and solar generators have been provided $19.4 billion and they're projected to receive another $15.9 billion over the next decade in subsidies.

“Texans are paying a high price to support expensive and inefficient renewable generation,” Bill Peacock, policy director for the Energy Alliance, said in a news release. “These federal, state, and local subsidies for renewable energy are undermining the reliability of the Texas electricity market.” 

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