The Department of Energy official said President Joe Biden’s pledge to cut emission in half this decade would cost $10 trillion.
That’s the estimate of Jigar Shah, who is the director of DOE’s Loan Program Office, which dishes out money to companies working on new energy technologies.
Under the misnamed Inflation Reduction Act, Shah’s budget ballooned from $40 billion to $400 billion. Shah said the private sector would have to foot the bill for roughly 90% of the $10 trillion.
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