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U.S. Bill On Climate Action

U.S. Bill On Climate Action:

The S. Senate approved a Bill titled the Inflation Reduction Act (IRA) 2022 with a focus on climate, healthcare and tax provisions to address inflation.

  • The bill is a scaled-down version of President Biden’s Build Back Better Act (BBBA), which failed to get approval from the Senate.

Climate change provisions:

  • Package for the clean energy transition: The Bill marks the largest American investment aimed toward making the U.S. a leader in clean energy.
  • It includes packages worth $369 billion for the clean energy transition.
  • The Bill provides significant investment in renewable energy through heavy tax credits for wind and solar energy projects and electric vehicles.
  • Tax deduction to low and middle-income households: It provides a tax deduction to low and middle-income households to go electric and seeks to lower the energy bills of American households.
  • Bolster domestic production: It also aims to bolster the domestic production of heat pumps and critical minerals.
    Tax on large and profitable companies to meet the green investment
  • Methane fee: It also imposes a fee on methane leaks from oil and gas drilling.
  • At the same time, the Bill also aims at more investments in fossil fuels.
  • Expand oil and gas drilling: It seeks to expand oil and gas drilling, with the federal government offering land for onshore and offshore drilling with the prerequisite that the entity will develop renewable energy.
  • Thus, it handcuffs the expansion of oil and gas with renewable energy development.

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