Existing spending on climate change falls short -U.S. energy official

climate energy official existing spending
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Existing spending on climate change falls short -U.S. energy official

NEW YORK - A new flight of large-scale climate projects requiring financial backing of about $1 trillion a year will be needed to meet the Biden administration's carbon goals, a U.S. Energy Department official said in a presentation on Thursday. "The pace at which we are deploying climate solutions is wholly unacceptable," said Jigar Shah, director of the Loan Programs Office at a virtual panel organized by IHS Markit as part of its CERAWeek conversations series. The Biden administration has set a goal to reach 100% carbon pollution-free electricity by 2035. The U.S. Energy Department's Loan Programs Office is intended to provide funding to emerging green technologies that may not qualify for financing from commercial banks. "At some point we can hand it off to Wall Street to do the next $100 billion," he said. "Every one of these technologies has to get to a $1 trillion scale - that's the only way we get to the goals we've set." In the United States, about $200 billion is spent annually on new climate change mitigation efforts, Shah said. "That number has to probably be a trillion dollars a year" to meet the administration's goals to be announced this November at