Joe Biden’s Build back Better Act, if it passes, could be the most transformative investment by government in the climate crisis. However, Elon Musk, the industry tycoon who has invested literally and metaphorically in a greener future, may not think that this is a good thing.
Musk said Monday that he would eliminate the bill completely at a conference of chief executives.
“I would say that you can’t pass this bill. “That’s my recommendation,” he said to an audience at The Wall Street Journal‘s annual chief executive council on Monday. He stated that Tesla’s team was not paying much attention to Washington’s negotiations.
He said, “If this bill passes or not, we don’t really think about it.” “It might be more beneficial if the bill fails to pass,” he said.
According to the colorful CEO, he was critical of the $2 trillion spending package that would increase the federal deficit to “insane” levels. The government would also be incentivizing certain businesses, with incentives up to $12,500 for electric car buyers.
He also introduced the bipartisan infrastructure bill, which passed last month. It included $7.5 million to build out electric vehicle charging infrastructure.
“Do we require support for gas stations?” He said no to a crowd via video conference from a Tesla factory near Texas. He said, “There is no need for support to charge your phone,” which elicited some laughter from the crowd.
Climate experts and sector analysts have both praised the BBB, which, along with its electric vehicle incentives, invests billions into fighting environmental racism, giving out climate block grants and reducing pollution in ports. The funding of a Civilian Climate Corps is an important step to meet US international commitments to maintain a healthy climate in the face of global warming.
Katharine Hayhoe (climate researcher, chief scientist at The Nature Conservancy ), stated that these are the most significant pieces of climate policy legislation the US had seen in a decade to CNBC in November . We’re already late to this table, so the faster we act the better. “The time for half-measures was thirty years ago.”
Musk and President Biden have both praised the BBB’s tax incentives for electric cars that were made with union labor.
“This infrastructure law, with my Build Back better plan, we’re going kickstart new batteries and materials production and recycling. This will boost the manufacturing of clean cars with new loans and tax credits,” Mr Biden stated at an event held in Detroit last month to celebrate the production of the electric Hummer SUV.