The Biden Plan outlines several of the president-elect’s plans for investing in the renewable energy industry. On his official campaign website, The Biden Plan includes:
- Driving cost reductions in renewable energy technologies such as battery storage, negative emissions technologies, renewable hydrogen, and advanced nuclear.
- Commercializing new clean energy technologies and ensuring they are made in America.
- Reforming and extending tax incentives that will generate efficiency and create clean energy jobs.
- Creating a new Advanced Research Projects Agency on Climate, which will help America achieve a 100 percent clean energy target.
- Reaching a carbon pollution-free power sector by 2035 in order to address climate change and create millions of jobs in the energy industry.
- Achieving economy-wide net-zero emissions by 2050.
As a leader in renewable energy, Texas may benefit from a Biden presidency. However, this will require a transition away from a major corner of the energy market.
While this transition may sound intimidating for many workers in the Texas energy industry, some experts believe this change is already happening.
“The Biden Administration will probably engage in some pretty hard love for energy companies, requiring them to shift their focus in a way that those companies probably should have years ago, but have been reluctant to fully commit to,” Rottinghaus told Houstonia Magazine. “However, my sense is that a lot of those companies have been moving in that direction already, quietly, because they see the value, and the money, frankly, in that diversity. They’ve wanted to move in that direction, but they need the political cover to get there.”
Once Biden takes office, it will become clearer what the ultimate impact will be for the Texas energy market. However, the massive strides Texas has made in renewable energy could become even more important in the coming months.
Caitlin Ritchie is a writer within the energy and power industry. Born in Georgia, she attended the University of Georgia before earning her master’s in English at the University of North Carolina at Charlotte.