An unexpected deal reached by Senate Democrats would be the most ambitious action ever taken by the United States to address global warming and could help President Joe Biden come close to meeting his pledge to cut greenhouse gas emissions in half by 2030.
Senate Majority Leader Chuck Schumer, D-N.Y., talks to reporters about the expansive agreement reached with Sen. Joe Manchin, D-W.Va., that they had sought for months on health care, energy and climate issues, and taxes on higher earners and corporations, at the Capitol in Washington, Thursday, July 28, 2022.
But approval of the bill is far from certain in a 50-50 Senate where support from every Democrat will be needed to overcome unanimous Republican opposition. Sen. Kyrsten Sinema, D-Ariz., who forced changes in earlier versions of the plan, declined to reveal her stance Thursday. Tiernan Sittenfeld, senior vice president of the League of Conservation Voters, summed up her reaction in a single word: “Wow!”Manchin, who chairs the Senate energy panel, insisted that he had not changed his mind after he toldtwo weeks ago that he could not support the bill because of inflation concerns.
The bill, which Manchin dubbed the “Inflation Reduction Act of 2022,” includes $300 billion for deficit reduction, as well asBesides investments in renewable energy like wind and solar power, the bill includes incentives for consumers to buy energy efficient appliances such as heat pumps and water heaters, electric vehicles and rooftop solar panels.
The bill would set a fee on excess methane emissions by oil and gas producers, while offering up to $850 million in grants to industry to monitor and reduce methane.
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