![]() “This will create thousands of new jobs and help lower energy costs in the future.”Įxperts say the United States cannot meet the emission targets of the Paris climate accord without federal action. “We will improve our energy security and tackle the climate crisis - by providing tax credits and investments for energy projects,” Biden said in a statement. The bill also includes $60 billion for environmental justice communities and a fee on methane emissions that will rise to $1,500 a ton by 2026.īiden praised the deal last night, saying it’s “the action the American people have been waiting for.” It also offers lower- and middle-income motorists a $7,500 tax credit for clean vehicles, while states and electric utilities would see $30 billion in grants and loans to expand clean energy. The bill includes $60 billion to boost domestic clean energy manufacturing, including $30 billion in production tax credits for solar panels, wind turbines, batteries and critical mineral processing. “The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030,” Schumer (D-N.Y.) and Manchin (D-W.Va.) said in a statement. The agreement would offer President Joe Biden a major political victory just before the midterm elections by delivering on his campaign pledge to spend hundreds of billions of dollars to boost clean energy deployment. The announcement marked a startling reversal, breathing new life into the prospects for federal climate legislation two weeks after talks between the two senators broke down. ![]() emissions cut of 40 percent that seemed out of reach just a few days ago. Joe Manchin and Senate Majority Leader Charles Schumer promises a large U.S. CLIMATEWIRE | A surprise climate and energy agreement between Sen. ![]()
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