Nicole Welle | April 5, 2021
President Joe Biden’s new $2 trillion infrastructure and jobs package includes a multi-billion dollar plan to combat the climate crisis and promote a nature-based infrastructure.
The plan includes $16 billion for capping abandoned oil and gas wells and $10 billion for the Civilian Climate Corps, a program that would create employment opportunities through conservation and restoration projects. To help pay for this, the proposal would raise the corporate tax rate to 28% and close tax breaks for oil and gas development, according to the Iowa Capital Dispatch.
There are currently over 2.3 million abandoned gas and oil wells in the United States, and they are leaking large amounts of methane into the atmosphere. By putting money towards capping them, the federal government plans to create jobs for workers displaced by the transition to renewable energy. This plan to create climate-friendly jobs shares similarities with the New Deal that President Franklin Delano Roosevelt put into place in the 1930s to improve infrastructure and the economy.
While the plan has received a lot of support from climate scientists and activists, many conservative lawmakers have opposed the tax increase. House Transportation and Infrastructure ranking member Sam Graves said in a statement that it would kill jobs and hinder economic recovery after the pandemic. However, the plan’s supporters assure that the tax hike would not negatively impact working Americans.
“This $2.3 trillion is spread over eight years, and there’s a plan to try to pay for it,” Jerry Schnoor, co-director for the Center for Global and Regional Environmental Research, said on Iowa Public Radio’s River to River. “It has to do with taxing the income of the richest people, making more than $400,000 per year.”