The historic bipartisan infrastructure green plan will invest 1.2 trillion dollars in the biggest modernisation the United States has seen in more than a decade
Representatives from the world’s leading companies met in the White House garden yesterday to hear Joe Biden announce deails of an ambitious infrastructure green plan. The unprecedented landmark agreement allocates $1.2 trillion the biggest modernisation in the United States in a decade, which has a marked green character.
The items on the agenda include a total of $110 billion to be spent on upgrading roads and bridges; $73 billion to modernise the electricity grid; $55 billion to improve water quality; $42 billion to renovate obsolete ports and airports; and $15 billion to incentivise the use of clean vehicles that do not use fossil fuels. Many of these investments will improve highly polluting infrastructures, with a massive $55 billion to contribute to “climate resilience” in regions affected by hurricanes, floods and other catastrophes associated with global warming.
Iberdrola has signed the law that will be a fundamental pillar for the sustainable transformation of the country
This ambitious project will harness the capabilities of green companies like Iberdrola, a global leader in renewables and the second largest private utility in the world, which yesterday bore witness to the signing of a law that will be a fundamental pillar for the sustainable transformation of the country.
President Biden announced to much applause: “the bill is proof that in spite of some, democrats and republicans can cross the aisle to achieve results”. “We can do this. We can provide real results for real people”. Investments, infrastructure and jobs are the objectives of the President of the United States, an ambition to which renewables companies are fully committed.
Through its subsidiary Avangrid, Iberdrola, represented by its CEO Dennis Arriola, took note of the details in the presentation at the White House. This company is the US spearhead for one of the most ambitious projects by Spanish businessman Ignacio Galán, who is a pioneer in clean energy worldwide. Iberdrola, which owns an 86 % stake in Avangrid, is the investment arm of the European company in the United States and the only Spanish company to attend this historic event.
The US authorities have been extremely appreciative of the bold action by Iberdrola’s CEO, hence the invitation to attend the presentation of this historic law. The ceremony was also attended by representatives from both political parties, union leaders and economic supervisors.
The law, which has a budget of $1.2 trillion, will allow the United States to modernise obsolete infrastructure and drive the green recovery of the economy. Now begins the daunting task of planning the administration’s biggest investment in 50 years.