Biden in Palo Alto: 'A Couple of Businesses Are Suing Banks Because ... Anyway. I Won't Get Into All That' (June 19, 2023)

President Joe Biden was bragging about his climate law at a nature preserve in Palo Alto, California, when he started a thought and dropped it. “And it’s already attracting billions of dollars in the private sector, because businesses are realizing it’s overwhelmingly in their interest. As a matter of fact, a couple of businesses are suing banks because they want to consider whether or not they’re environmentally — anyway. I won’t get into all that. (Laughter.) I’ll get —” Biden said on June 19, 2023, according to the official White House transcript [1].

“But I want to emphasize again: We’re taking the most aggressive climate action ever,” he said [1].

The video above shows Biden’s remarks on climate resilience in Palo Alto on June 19, 2023. Quotes are from the official White House transcripts, the Federal Register and GovInfo [1][2][3][4].

“369, to Be Precise”

Biden called the Inflation Reduction Act the biggest climate law on Earth. “It starts with the most significant climate investment law ever anywhere in the history of the world. Over billions and billions — $368 billion — 369, to be precise — in clean energy development, environmental justice, conservation, and so much more,” he said [1].

“We will cut 1 billion tons of carbon emission a year, create millions of good-paying jobs,” Biden said [1].

Two Corrections

The White House transcript had to correct the president twice. On conservation, Biden said he had “committed by 2020” that “we will have conserved 30 percent of all the lands and waters the United States has jurisdiction over.” The transcript inserted the year 2030 in brackets [1].

On flooding, he said: “Folks, flood mitigation: $3.5 million [billion] to reduce or eliminate the risk of repetitive flood damage to buildings.” [1]

Announcing new grants, he started with the wrong department. “Folks, first, starting tomorrow, the Department of Congr- — Commerce will launch the first and largest competitive Climate Resilience Regional Challenge to provide $600 million to coastal and Great Lake communities,” Biden said [1].

”Since — But John Kennedy”

Biden also made a claim about his conservation record. “Conservation of land and water — we put more in conservation of land and water than any president in the history of the United States since — but John Kennedy,” he said [1].

He listed spending line by line. “Drought mitigation: $15.4 billion to bolster the West’s resilience to drought,” he said, after warning, “Folks, the impacts we’re seeing in climate change are only going to get more frequent and more ferocious and more costly.” [1]

He opened with praise for young people. “I swear to God, I’ve never been more optimistic in my life. And the reason I’m optimistic is because of this generation. It’s the best educated, the most engaged, the most involved, and the most consequential,” Biden said [1].

”This Ain’t Your Father’s Republican Party”

Biden attacked Republicans for going after his climate spending. “Unfortunately, some of our MAGA Republican friends in Congress are continuing to try to undo all the progress we’ve already made in the first two and a half years. They were holding the country hostage over the debt limit unless I would gut the climate provisions in the Inflation Reduction Act,” he said [1].

“And in the end, we didn’t just protect some of the climate money and clean energy provisions. We protected every single, solitary one. (Applause.) But this ain’t your father’s Republican Party. (Laughs.) They’re back at it again with another bill to repeal the same provisions. But with your help, we’re going to stop them again,” Biden said [1].

”He Never Showed Up at All”

That evening, at a campaign reception in Los Gatos, Biden took a shot at his predecessor while telling a story about setting up the Oval Office. “And — and so when I came in that day, the other guy didn’t have to worry; he never showed up at all,” Biden said [2].

He also touted the economy. “We’ve created, as I said, 1-point — excuse me, 13.4 million jobs, 800,000 manufacturing jobs,” he said. “Inflation is down 11 months in a row.” [2]

By the Numbers

$368 billion, then $369 billion: what Biden said the climate law spends [1].
1 billion: tons of carbon emissions a year Biden said it would cut [1].
$165 billion: natural disaster damage in 2022, per Biden [1].
$600 million: the climate resilience grant program Biden announced [1].
30 percent: of U.S. lands and waters Biden pledged to conserve by 2030 [1].

What Happened Next

Trump paused the spending. On Jan. 20, 2025, his first day back in office, President Donald Trump signed Executive Order 14154, “Unleashing American Energy.” Section 7, “Terminating the Green New Deal,” orders that “All agencies shall immediately pause the disbursement of funds appropriated through the Inflation Reduction Act of 2022 (Public Law 117-169) or the Infrastructure Investment and Jobs Act (Public Law 117-58).” [3]

Republicans repealed the subsidies. On July 4, 2025, Trump signed Public Law 119-21. Its energy chapter is titled “Ending Green New Deal Spending, Promoting America-first Energy, and Other Reforms,” with a subchapter called “Termination of Green New Deal Subsidies.” [4]

For the White House on $5 gas and $61,000 electric cars, see HYGO News’ page on June 23, 2022. For the White House on Biden’s tailpipe rule two months earlier, see the page on April 18, 2023.