As Congress continues to negotiate when a final vote on the proposed bipartisan infrastructure bill will occur, directors in corporate boardrooms are likely discussing how rebuilding the country’s bridges, roads, tunnels, airports, water systems and power grids might impact their businesses. After all, one of President Joe Biden’s primary agenda items is rebuilding the nation’s infrastructure, and his administration appears to be connecting that goal with energy policy and concerns for the environment and climate change. This could have far reaching implications for companies during Biden’s first term in office.
It’s no secret that Biden wants to bring more attention to improving the environment and combating climate change. His administration is uniquely positioned to impact the business community through executing changes in energy policy and climate change related reforms. He immediately made good on his promise to have the US re-enter the Paris Climate Accord, announced a new target of reducing greenhouse gas pollution 50-52 percent below 2005 levels by 2030 and launched the Justice40 initiative, which directs Federal agencies to work with states and local communities to make sure 40 percent of the benefits from Federal investments in climate and clean energy are delivered to disadvantaged communities. This administration’s emphasis on environmental issues, climate change and rebuilding the nation’s infrastructure means boards might want to consider shifting their business strategy in line with some Biden administration priorities.