On climate, our early investment in clean energy ignited a clean energy industry boom. Our actions to help reduce our carbon emissions brought China to the table and last week in Paris nearly 200 nations forged a historic agreement that was only possible because of American leadership. Around the world, from reaching the deal to prevent Iran from developing a nuclear weapon, to re-establishing diplomatic relations with Cuba, to concluding a landmark trade agreement that will make sure that American workers and American businesses are operating on a level playing field and that we, rather than China or other countries, are setting the rules for global trade. We have shone what is possible when America leads.
what I think people should also feel good about is that the agreement struck in Paris, although not legally binding when it comes to the targets that had been set does create this architecture in which all around the world countries are saying this is where we're going.
We're going to be chasing after this clean energy future. This is how we're going to meet our goals. We're going to double down on solar power. We're going to double down on wind power. We're going to invest more heavily in biofuels. We're going to figure out battery technologies.
And what you saw in this budget, which I think was really significant, was an extension of the solar tax credits and wind tax credits that we had helped to really boost early on in my administration and that it resulted in wind power increasing threefold, solar power increasing by twentyfold. Those tax credits are now going to be extended for five to seven years and as a consequence, that combination of market signals means that the private sector is going to start investing much more heavily. They know this is coming. And it's not just coming here. It's coming around the world.
You now have a global marketplace for clean energy that is stable and accelerating over the course of the next decade. That then creates a different dynamic that is independent of what Congress does, but also helps to shape what Congress does. Because the more people that are now getting jobs in solar installation and production, the more that you have companies who are seeing how American innovation can sell products in clean energy all across the Asia Pacific and in Europe and in Africa. Suddenly, there's a big monetary incentive to getting this right.
And that's been the history of environmental progress in this country and now we've exported it around the world. Every time we have made a decision, you know what, we're going to have clean air. The predictions were, everything would fall apart. And low and behold, turns out that American innovation makes getting clean air a lot less expensive than people expected and it happens a lot faster than expected.
When we made a decision that we were going to double fuel efficiency standards on cars, everybody said, I'm just going to ruin the American auto industry. The American auto industry has been booming over the last couple years.
Acid rain. When George H.W. Bush instituted a system to charge for the emissions that were causing acid rain, everybody said, well you can't do that, that's going to ruin business and it turned out that it was smoother, faster, quicker, better.
And acid rain -- folks who were born, I don't know -- some of you reporters are getting younger or I'm getting older, you may not remember it but that was a big deal and now most folks don't even remember it anymore because it got solved. And there's no reason why the same won't happen here.
Now, do I think there's going to be a lot of noise and campaigning next year about how we're going to stop Paris in its tracks? There will probably be a lot of noise about that. Do I actually think two years from now, three years from now, even Republican members of Congress are going to look at it and say that's a smart thing to do? I don't think they will.
Keep in mind that right now the American Republican party is the only major party that I can think of in the advanced world that effectively denies climate change. I mean, it's an outlier. Many of the key signatories to this deal, the architects of this deal, come from center-right governments. Even the far right parties in many of these countries. They may not like immigrants for example, but they admit, yes, the science tells us that we have to do something about climate change. So my sense is that this is something that may be an advantage in terms of short-term politics in the Republican primary. It's not something that is going to be a winner for Republicans long- term.
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