On Wednesday, Senate Democrats hammered out a $369 billion climate and tax package, the Inflation Reduction Act of 2022, containing the country’s most ambitious and pro-climate legislation to date
A construction worker at a wind farm in New Mexico. Photo: Cate Dingley/Bloomberg via Getty Images Between the wildfires still burning from last week’s heat wave and the megadrought ravaging the American Southwest, it’s as clear as ever that the planet is overheating. Yet despite the staggering amount of evidence of climate change, the U.S. has long failed to act: Just last month, the Supreme Court restricted the EPA’s power to regulate carbon emissions.
But this week, Manchin surprisingly reversed course. . If passed , the deal would reinstate the U.S. as a global power in the fight against climate change. Experts also predict it would revive international efforts to reduce global warming, which have lagged in the months since Russia invaded Ukraine as spiking oil and gas prices have increased demand for fossil-fuel infrastructure.The proposed bill aims to tackle climate change by promoting clean energy.
Consumers, too, would receive financial incentives to make greener choices. Included in the bill is a rebate for homeowners who reduce their carbon emissions by installing a heat pump and — for those making under a certain income — a $4,000 tax credit for purchasing a used vehicle or a $7,500 tax credit for purchasing an electric one. Sixty billion dollars would be allocated to address the particular toll pollution takes on low-income communities and communities of color.
The bill would drastically reduce the United State’s greenhouse-gas emissions. Senate Democrats estimate that the new bill would slash greenhouse-gas pollution to 40 percent below the level it was in 2005 by 2030.
Republicans are, unsurprisingly, opposed. Even with Manchin on board, Senate Republicans are unanimously opposed to the package. Wyoming senator John Barrasso called the proposed deal “nothing short of an attack on the American family,” arguing that Congress should instead achieve its goals of reduced inflation and lower energy costs by “[cutting] spending and [unleashing] American oil and gas production.” .
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