Dear Friends,
I’m sure you’ve read all the hoopla in the press regarding the new clean energy bill that Senator Joe Manchin has agreed to support. As usual with any political decision, there are gives and takes. It is now called the Inflation Reduction Act (IRA) and, if passed by the Senate, will provide almost $370 billion in funding to support the effort to curb climate change. If passed, this legislation could help cut US emissions by 40% by 2030. While it is short of Biden’s goal of cutting emissions by 50% by 2030, it is still a huge leap forward. Biden can still achieve the 50% cut through executive action and aggressive city and state moves.
So, what’s in the bill?
Naturally, a bill this big has many parts. Here are some of the highlights and how they can revolutionize how we generate and use energy in the US.
- Clean Energy Finance: Provides $27 billion for a national climate bank and state and local green banks, with at least 60% of funds going to clean energy financing in low-income and disadvantaged communities.
- Renewable Energy: 10 years of tax credits to help developers build the solar, wind, and other clean energy facilities we need to quickly transition away from oil, coal, and gas.
- Clean Transportation: Rebates to help low and middle-income families swap polluting gas-powered cars and trucks for clean and reliable electric vehicles, with up to $7,500 for a new vehicle and $4,000 for a pre-owned one.
- Green Jobs: Billions in grants and loans to help convert existing auto manufacturing facilities and build new plants to make electric vehicles. Plus, another $500 million to produce electric heat pumps and and other vital solutions technology here in the US. That’s going to help put thousands and thousands to work.
- Environmental Justice: Billions in grants to tackle environmental health problems and clean up the air in frontline communities living near highways, ports, and other polluting facilities.
- Electrifying Homes: Billions in rebates to help families replace dirty, gas-powered appliances with climate-friendly heat pumps and other technologies. Billions more to help families retrofit and weatherize their homes to be as energy efficient as possible and save big on electric bills.
There’s more, and if you want to see all the details, the Washington Post has a good rundown.
The bill also makes some concessions to the Oil and Gas industry allowing for additional offshore drilling permits and no penalties on abusers. So, while it is not perfect, nor as much as we would have liked, it is still the single largest clean energy bill in history.
Please tell your Senators and Legislators to pass this bill immediately! We need swift action if we want a healthy climate for our … Children, Grandchildren, All future Generations and All Life.
Bill (Hopeful)
