Tag Archive for: climatebill

The Senate approved a sweeping package to combat climate change, lower health-care costs, raise some taxes and reduce the federal deficit

Senate approves Inflation Reduction Act, providing boon to solar industry

The Senate on Sunday approved a sweeping package to combat climate change, lower health-care costs, raise taxes on some billion-dollar corporations and reduce the federal deficit, as Democrats overcame months of political infighting to deliver the centerpiece to President Biden’s long-stalled economic agenda.

The party-line vote was a milestone in a tumultuous journey that began last year when Democrats took control of Congress and the White House with a promise to bring financial relief to ordinary Americans. With a tiebreaking vote from Vice President Harris, the 50-50 Senate sent the bill to the House, which aims to approve it and send it to the White House for Biden’s signature later this week.

Dubbed the Inflation Reduction Act of 2022, the package would authorize the biggest burst of spending in U.S. history to tackle global warming — about $370 billion to reduce greenhouse gas emissions to 40 percent below their 2005 levels by the end of this decade. The proposal also would make good on Democrats’ years-old pledge to reduce prescription drug costs for the elderly.

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Source: The Washington Post

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The historic climate bill would deliver billions of dollars in tax and other incentives to US solar manufacturers.

How Joe Manchin’s change of heart could revive the US solar industry

The gamble by a company here churning out large volumes of solar panels was starting to look risky.

Its plan to be a launchpad for a solar manufacturing resurgence was already audacious in an industry so dominated by China, whose cheap products drove the closure of many American solar plants. Government investment championed by the White House was supposed to position domestic firms to compete, but a paralyzed Congress was refusing to write the check.

But the wager in Dalton by Qcells North America may have paid off with an ambitious climate package now on a path to President Biden’s desk. The bill, negotiated in part by Sen. Joe Manchin III (D-W.Va.), would deliver billions of dollars in tax and other incentives to U.S. solar manufacturers, equipping them with government support on a scale of those China used to corner the market.

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Source: Washington Post

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The Inflation Reduction Act would avoid 24 tons of climate emissions for every new ton it creates.

How the Senate’s big climate bill eliminates 4 billion tons of emissions

A week after US Senate Majority Leader Chuck Schumer and Senator Joe Manchin stunned the world by announcing they’d finally struck a deal on a climate, energy and health package, the implications for greenhouse gas emissions are starting to come into view.

The Democratic senators initially said the Inflation Reduction Act of 2022 would cut US emissions about 40% below 2005 levels by 2030, and expert climate policy modelers said reaching that target was plausible. Now three preliminary climate models of the IRA — by researchers at Princeton University, the think tank Energy Innovation, and the research firm Rhodium Group — offer more details on how exactly the US could get there: through changes in the electric power sector, the use of carbon-capture technologies and more.

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Source: Bloomberg

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