dependence on fossil fuels, particularly foreign oil. Together, these long-term investments in clean energy would reduce inflation, lower household energy bills, and help reduce U.S. investment in climate action and is designed to accelerate the buildout of renewable energy, speed up the adoption of electric vehicles (EVs), and aid in the deployment of energy efficiency technologies in low-income and minority communities. This would constitute the largest-ever U.S. The expanded legislation now contains $369 billion in climate and energy provisions, including nearly $280 billion in clean energy tax incentives. 5376), would raise an estimated $739 billion in revenue over 10 years and spend $433 billion, reducing the deficit by approximately $306 billion over a decade. The agreement, titled the Inflation Reduction Act of 2022 (H.R. On July 27, 2022, Senate Majority Leader Chuck Schumer (D-NY) and Senator Joe Manchin (D-WV) announced a deal to significantly expand the scope of Senate Democrats’ planned reconciliation bill. Analysis of Climate and Energy Provisions in the “Inflation Reduction Act of 2022”Īuthor : Justin McCarthy, Climate Policy Associate ( )
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