Here’s what’s in the Senate’s $369 billion for climate and energy
It’s been a dangerously hot, rainy, fiery summer in the United States. But there’s a glimmer of hope on the horizon: Congress is on the verge of finally taking action to address some of the greenhouse gas emissions that are fueling the climate crisis.
This week, after months of negotiations and false starts, Senate Democrats made a deal on a bill called the Inflation Reduction Act of 2022.
If it passes, the bill would invest $369 billion in American energy security and fighting climate change — the single largest infusion of federal cash aimed at tackling the climate threat in U.S. history. According to Senate Majority Leader Chuck Schumer’s office, the bill would reduce domestic emissions approximately 40 percent below 2005 levels by 2030, an estimate that has been tentatively verified by independent experts.
This week’s deal is much smaller than the $2 trillion climate plan President Joe Biden initially envisioned. But it’s also a far bigger investment than Democrats thought they would get as recently as earlier this month.
The legislation, which is currently in draft form and could be brought before the Se... Read more