Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V. unveiled a long-awaited reconciliation package on Wednesday that would invest hundreds of billions of dollars to fight climate change and advance clean energy programs.
The 725-page legislation, called the “Inflation Reduction Act of 2022,” provides $369 billion for climate and clean energy, the most aggressive spending bill ever passed by Congress.
It is an investment of air. The bill’s climate provisions (summarized here ) would reduce the nation’s carbon emissions by about 40 percent by 2030, according to a summary of the agreement.
The deal’s surprise announcement came less than two weeks after Mnuchin, who holds a 50-50 swing vote in the Senate, said he would not support climate measures unless they meet July inflation. do not understand the data better.If approved and signed into law, the act would include funding for:
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Manufacturing clean energy products, A $10 billion investment tax credit for manufacturing facilities for clean energy products, including things like electric vehicles, wind turbines, and solar panels, and spurring domestic manufacturing of solar panels, wind turbines, batteries, and key components.
$30 billion for additional production tax credits to do. Mineral processing. It would likewise remember up to $20 billion for credits to fabricate new clean vehicle producing offices across the U.S. and up to $2 billion in loans to retrofit existing auto plants to make cleaner vehicles.
Cutting emissions, including $20 billion for the agricultural sector and $3 billion to reduce air pollution at ports. It also includes unspecified funding for programs to reduce methane emissions, which are often produced as a byproduct of oil and gas production,
and contribute 80 times more to global warming than carbon dioxide. are more powerful. In addition, the act earmarks $9 billion for the federal government to purchase American-made clean technologies, including $3 billion to purchase zero-emission vehicles for the U.S. Postal Service.
Research and development,including a $27 billion Clean Energy Technology Accelerator to support the deployment of emissions-cutting technologies and $2 billion for energy breakthrough research in government labs.
Preserving and supporting natural resources, including $5 billion in grants for healthy forests, forest conservation, and urban tree planting, and $2.6 billion in grants to protect and restore coastal habitats.
Support for states, remembering almost $30 billion for award and credit programs for states and electric utilities to propel the spotless energy progress.
Environmental justice initiatives, More than $60 billion for environmental justice initiatives, addressing the disproportionate impact of pollution on low-income communities and communities of color.
For individuals, a $7,500 tax credit for purchasing new electric vehicles and a $4,000 credit for purchasing a new vehicle. Both credits will be available only to low- and middle-income consumers.
“I support an arrangement that will propel a reasonable energy and environment strategy that brings down costs today and decisively puts resources into the big picture approach,” Manchin said in an explanation Wednesday. Will do.”
“This legislation ensures that the market will lead our nation’s energy transition, rather than aspirational political agendas or unrealistic goals.” The Senate is booked to decide on the proposed regulation one week from now,
after which it will go to the Democrat-controlled House of Representatives. President Joe Biden said Wednesday that tax credits and investments for energy projects in the deal would create thousands of new jobs and help lower energy costs,
and urged the Senate to quickly Go ahead with the legislation as soon as possible. The president has pledged to cut US greenhouse gas emissions by 50% to 52% of 2005 levels by 2030 and to reach net zero emissions by mid-century.
According to a recent analysis by independent research firm Rhodium Group, with no reconciliation bill in place, the country is on track to miss that goal.
“This is the action the American people have been waiting for,” the president said in a statement Wednesday. “It addresses today’s problems — high health care costs and inflation — as well as investing in our energy security for the future.”
