A Biden administration official who heads up the Department of Energy’s Loans Program office complained this week that U.S. government and industry were not investing nearly enough in ‘clean’ energy programs and projects to meet the administration’s climate change goals.
The official, Jigar Shah, speaking in an episode of the CERAWeek Conversation series sponsored by IHS Markit, estimated total U.S. investment currently to be roughly $200 billion per year, but then stated that the total annual spending needs to be more like $1 trillion.
“The pace at which we are deploying climate solutions is wholly unacceptable,” he said, continuing on to say that “We perennially have too much money and not enough projects.
The vast majority of people are still waiting for the government to tell them what a risk-free approach looks like. That’s not how it works. It’s not risk-free.” These comments deserve critical examination, since they are quite remarkable when placed into the context of the real world as it exists today.
Shah’s comment that the DOE “perennially have too much money and not enough projects” was made in the context of a current federal budget deficit that is projected to exceed $3 trillion during this fiscal year alone.