March 22nd, 2022

Contact: Erik Mebust, erik@climatepower.us

WASHINGTON, DC — Last night, President Biden called on CEOs of the Business Roundtable to support ambitious investments in clean energy in response to Putin’s invasion of Ukraine. In comments before the business lobby group’s quarterly meeting, Biden said “now is the time […] to invest in America itself: climate, resilience, clean energy so America can win the competition of the 21st century.”

Now is the time,” President Biden said, “to invest in America itself: in manufacturing we created over 450,000 manufacturing jobs because of y’all—and it really matters, it hadn’t happened in a long time. […] To invest in America itself: climate, resilience, clean energy so America can win the competition of the 21st century. And it won’t hurt your bottom lines or the economy—it will help us grow while lowering costs and lowering the deficit.

Recent analysis by the Rhodium Group found that the “most attractive” policy options for reducing the world’s dependence on Russian oil and gas over the medium-term are all policies that turbocharge the transition to clean energy. Recent polling by Data For Progress found 69% of voters–including 89% of Democrats, 66% of Independents, and 54% of Republicans–agree that the federal government should make investments in American clean energy production as Russia’s invasion into Ukraine pushes U.S. gas prices to near record highs.

The Biden administration is keenly aware of the high cost that failing to act on climate change would impose on Americans. Today, FEMA announced $60 million in new grants for homeowners in flood-prone areas of four states that were devastated by Hurricane Ida last summer.

President Biden also warned the business leaders not to take advantage of the situation in Ukraine: “We can’t afford to prioritize shareholders at the expense of your stakeholders: the environment, your workers, your customers, the communities where they live and work.” Last week, polling by Hart Research found that 60% of voters blame price gouging by oil companies for the high price of gas. Sen. Whitehouse introduced legislation taxing any windfall profits oil and gas companies make while the Ukraine crisis is destabilizing international energy markets, and Hart found 80% approval for that proposal.