The largest climate spending package in US history
the new Sen. Manchin-endorsed proposal would raise roughly $740 billion in revenue through a combination of tax increases and price negotiation — and divert $370 billion of that money to fighting climate change. If it makes it through Congress, the bill would be the largest climate spending package in US history — and with alarming heatwaves in progress all around the world, it couldn’t come at a better time.
The bill gives $30 billion in tax credits to utilities that develop clean energy sources and another $27 billion in accelerator funds to support deployment of emission-reducing technology. Another $20 billion will be loaned out to support domestic electric car factories, with $10 billion in investment tax credits for factories making wind turbines or solar panels.
That represents a real political gambit for Democrats, balancing the urgency of climate action against real political pressure from rising energy prices and general economic chaos. Building off the Green New Deal proposals from the 2020 campaigns, Democrats want to put forward a kind of climate action that doesn’t hurt the economy or raise gas prices — and doesn’t cost them votes as a result.
When those new fossil fuel projects are weighed against the renewal subsidies, some environmental groups believe the bill may actually make things worse. In a statement on Wednesday, Food & Water Action executive director Wenonah Hauter said the agreement “won’t solve the crisis, and may make it worse. The few details released this evening suggest this deal will prop up fossil fuels and promote the various false climate solutions beloved by industry.
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