President Joe Biden's clean energy initiative will cost the United States $1.2 trillion — three times government forecasts — according to Goldman Sachs Group forecasts, Bloomberg reports.

The green energy provision in the Inflation Reduction Act will spur an additional $3 trillion in private-sector investments in renewable energy and efficiency technology, according to the investment bank.

One of the Biden administration's foremost goals is to decarbonize the economy to avert climate change.