11/1/2021, 4:08 PM (Source: TeleTrader)
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Biden: Energy prices highlight need to diversify

United States President Joe Biden stated on Monday that "high energy prices only reinforce the urgent need to diversify sources, double down on clean energy development and adapt promising new clean energy technology." Speaking at the COP26 summit, he also laid out new steps to tackle climate change, reinforcing commitments to cutting greenhouse gas emissions 50-52% below 2005 levels in 2030, reaching a 100% carbon pollution-free power sector by 2035, and achieving a net-zero economy by no later than 2050.

The administration will work with Congress to provide $3 billion per year "to reduce climate impacts on those most vulnerable to climate change worldwide." The US will also provide tax credits for electric vehicles, as well as lower energy prices through clean energy rebates for consumers. Biden promised new jobs through building clean energy technology in the US, as well as manufacturing green materials.

Baha Breaking News (BBN) / DJ