Fact Check: Needs context
The U.S. budget for clean energy investments (over $559 billion as of August 2023) is the largest in the world, according to the World Economic Forum. About a third of that investment is going toward low-carbon electricity projects, and about a quarter is aimed at developing low-carbon, efficient transportation, according to WEF. In the first quarter of 2024, the U.S. "continued its record-setting growth" with a new high of $71 billion invested in clean energy and transportation, according to Clean Investment Monitor.
At the same time, the U.S. Energy Information Administration reported in March that the U.S. is now producing more crude oil than any country ever has -- and has been for the past six years in a row. In December 2023 the U.S. reached a new monthly record high of more than 13.3 million barrels per day, according to the EIA.
The Harris-Walz campaign told ABC News that the trillion-dollar amount cited by the vice president is based on the total spending of the Inflation Reduction Act, the CHIPS and Science Act of 2022 and the Bipartisan Infrastructure Law. In a statement, they told us "Vice President Harris was proud to cast the tie-breaking vote on the largest ever investment to address the climate crisis and under the Biden-Harris Administration, America is more energy secure than ever before with the highest domestic energy production on record."
Even if you take the lowest estimate for federal spending under the IRA, 780-800 billion dollars, adding the funds allocated in the CHIPS and BIL laws does exceed the $1 trillion figures that Harris has cited in her campaign speeches. All three laws include provisions that address climate change.
Harris touts Biden Administrations clean energy investments
Both Kamala Harris and Donald Trump were asked about fighting climate change.
