Senate infrastructure package marks progress for clean energy and transportation, but more action is urgently needed

The bipartisan infrastructure bill passed by the U.S. Senate includes significant new funds for clean energy and transportation, as well as measures to bolster climate resilience, strengthen our nation’s water systems, and unlock key investments to help the U.S. achieve its goal of aggressively reducing climate pollution this decade. However, the bill lacks other climate and clean energy initiatives that are urgently needed to tackle the climate crisis and grow the economy, Ceres said in a statement. 

“Given the fractious politics of recent years, it has been heartening to see a bipartisan group of U.S. senators and the White House work together to revitalize our nation’s infrastructure—and that their work has put considerable focus on much-needed climate and clean energy policies and investments,” said Anne Kelly, vice president of government relations at Ceres. “We welcome the bipartisan package because it will result in critical contributions toward building the clean economy of the future, setting the stage for the bold initiatives and additional policies that are necessary to prevent the catastrophic human and economic impacts of the climate crisis. But Congress must take further action soon to confront the crisis directly and build a stronger, more just, and more competitive U.S. economy.”

The bipartisan bill includes billions of dollars in new funding for electric grid upgrades, electric vehicle charging stations, public transit and intercity rail, water infrastructure, and pollution clean-up efforts, as well as efforts to protect our nation’s infrastructure from more extreme weather and other consequences of climate change. These investments have been widely supported by major investors and companies, who have worked with Ceres to champion robust federal climate legislation this year. In May, Ceres coordinated hundreds of businesses to push Congress to take action as part of the organization’s 2021 LEAD on Climate effort. And in July, investors and companies joined state, city, educational, healthcare, and faith leaders in the America Is All In coalition to call for major climate investments in any federal infrastructure bill.

Throughout the summer, investors and companies have also voiced support for an array of additional federal measures to minimize the impacts of the changing climate and address the country’s urgent environmental justice challenges, while also building new economic opportunities. They include: a federal clean electricity standard or an equivalent policy like a clean electricity payment program that achieves the same goals by 2030; new and expanded tax credits and other incentive programs for clean energy and electric vehicles; and investments to help communities that have been most heavily burdened with pollution. 

“We look forward to working with Congress in the coming weeks and months to ensure that additional ambitious climate legislation includes these important measures, bolstering the many forward-looking investments in the infrastructure bill,” added Kelly.

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.