The Treasury Secretary’s appearance before a Senate committee, a White House commitment to COVID-19 vaccine distribution in higher risk communities, updated results for a COVID-19 vaccine candidate, and a projection on necessary wind expansion are among the top business news items this morning.
National
As the Biden administration’s plans to invest $3 trillion in infrastructure, green energy, and educational initiatives, Treasury Secretary Janet Yellen told the Senate Banking Committee that the federal government still has the capacity to borrow. She said tax changes will be necessary for longer term revenue generation, including the potential to raise the corporate tax rate and increase taxes on wealthier Americans.
The Biden administration announced that it will invest $10 billion to expand COVID-19 vaccine access to underserved communities, including rural areas and communities of color. The funding will support community health centers, launch a campaign to combat vaccine hesitancy, and launch a partnership to administer vaccines to dialysis patients.
AstraZeneca has issued updated data for its COVID-19 vaccine trials following concerns that the company’s results were based on outdated data. The updated figures reduce the reported efficacy rate slightly, from the previously reported 79 percent to 76 percent; AstraZeneca maintains that the vaccine remains completely effective against severe disease and hospitalization.
Business trends
Despite a strong years for wind energy installations in 2020, the Global Wind Energy Council says wind energy growth must triple over the next decade to meet net zero goals set for 2050. The organization says 180 gigawatts of new wind energy capacity must be added each year to achieve the goals, about twice the rate of installation in 2020.
