WASHINGTON (Reuters) – The White House on Thursday outlined a $ 1.75 trillion spending package that it hopes will pass Congress, around $ 555 billion on climate change includes.
That spending, plus the measures contained in a separate $ 1 trillion infrastructure bill, would represent the largest climate protection investment in US history if passed, even after several of the government’s original proposals on Combating global warming in the negotiations were undone.
An analysis by the Rhodium Group found that the provisions in these bills, along with executive action, could reduce greenhouse gas emissions by 45% to 51% below 2005 levels by 2030, within striking distance of the U.S. pledge to reduce emissions by 50% to 52% % to lower. this decade under the Paris Climate Agreement.
A deal on total spending comes after weeks of fighting between progressives and moderates within the Democratic Party who threaten to leave President Joe Biden empty-handed when he arrives for the UN climate change summit in Glasgow next week.
The following are the main provisions of the climate change bill:
* Clean Energy Tax Credits $ 320 Billion The bill would extend utility and residential clean energy tax credits, transmission and storage, building electrification and clean energy production to 10 years. These include a highly competitive electric vehicle tax credit of $ 12,500, credits for technologies from wind to green hydrogen, and an extension of a current tax credit of $ 50 / ton for power plants or industrial facilities that capture carbon before the greenhouse gas spills in the atmosphere gets underground. * Investing in Resilience $ 105 billion The bill includes investments and incentives to help the United States adapt to the worst effects of climate change from forest fires to hurricanes. The money will also be used to invest in communities near polluting facilities and to create a Civilian ClimateCorps, a modern version of the 1930s CivilianConservation Corps that would bring young people to work on public land. * Investing in clean energy technology, manufacturing and supply chain $ 110 billion. This would include targeted incentives to “kickstart new domestic supply chains and technologies,” possibly including solar, wind and other clean energy sources. The money would also be used to clean up sectors such as steel, cement and aluminum, which are among the largest emitters of greenhouse gases. * Procuring clean energy $ 20 billion. This money would be used by the government to buy clean technology for their own operations, “including long-term storage, small modular reactors and clean building materials.”
(Reporting by Valerie Volcovici; editing by Alistair Bell)