The Biden administration's 2024 Proposed Budget signals a sustained future for the climate tech sector.
By Leah Garden
March 27, 2023
The Biden administration released its 2024 budget request, and funds for climate mitigation were at the forefront. Proposed initiatives include a $1 billion request to further explore fusion technology as a clean energy source and $905 million to create clean energy jobs in communities once dependent upon fossil fuels for employment. Other specific budgetary requests include:
- $52 billion to promote industrial decarbonization. The new budget requests a 13.6 percent increase in Department of Energy funding from 2023’s budget. Specifically, $1.2 billion is proposed to create a DOE industrial technologies joint strategy team, with the sole purpose of increasing R&D efforts in the Industrial Efficiency and Decarbonization Office, as well as increase adoption of industrial decarbonization solutions;
- $241 million to improve clean energy infrastructure and environmental permitting. $181 million would focus on increasing deployment speed of clean energy technologies, increasing permitting capacity and improving decision times. The remaining $60 million will focus on creating 30 gigawatts of additional offshore wind capacity by 2030;
- $75 million to enhance supply chains for clean technologies. The proposed funds would aid the DOE in carrying out provisions of the Defense Production Act that enhance the scope of the domestic supply chain for climate technologies; and,
- $1.371 billion to accelerate clean transportation. The administration requests $570 million to adequately fund research and accelerate the deployment of carbon-cutting aviation technologies. Expediting sustainable aviation technology will contribute to the Biden administration’s goal of a net-zero carbon emissions aviation sector by 2050. Additionally, the remaining $801 million proposed will contribute to the decarbonization of
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