Story at a glance
- Democrats on Sunday passed The Inflation Reduction Act, a piece of legislation that outlines sweeping efforts on tax, health care and climate change.
- After nearly 20 hours of voting, Vice President Kamala Harris cast the tie-breaking vote, sending the package to the House.
- If passed, the legislation would include the most significant legislation ever crafted to address climate change.
The largest single investment from the U.S. government toward tackling climate change is now on its way to the House of Representatives.
During a long, late-night vote on Sunday, Senate Democrats passed The Inflation Reduction Act, a 755-page package that included sweeping tax, health care and climate change legislation.
After close to 20 hours of debate, Vice President Kamala Harris cast a tiebreaking vote sending the package to the House.
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During a press conference after the bill’s passage, Senate Majority Leader Charles Schumer (D-N.Y.) said the body passed the most “significant” bill to fight climate change.
“It’s going to make a difference to my grandkids. The world will be a better place for grandchildren because of what we did today. And that makes me feel very, very good. Very, very good,” Schumer said.
Here are four takeaways on how the bill aims to address climate change:
This is the single largest investment in reducing emissions in U.S. history
The bill offers $369 billion in energy security and climate investments and includes $4,000 in tax credits for purchasing a new electric vehicle along with a $7,500 tax credit for buying used one. Funds cannot be used on vehicles that have batteries made from minerals processed in China, however.
The bill aims to bring down harmful emissions by 40 percent
Tax incentives for electric vehicles, investments in green energy production and commitment to low-emission air technology would put the country on the path to cutting its total carbon emissions by around 40 percent below 2005 levels over the next eight years.
One of the bill’s goals is to bring more renewable energy to low-income communities
If passed by the House, $60 billion would be used to help low-income communities that are disproportionately affected by climate change to help improve climate resilience, energy efficiency and air quality among other things. The package would also provide millions of dollars of climate resiliency funds to tribal governments and Native Hawaiians.
It isn’t all good for the fight against climate change
The package requires that the Department of the Interior lease 2 million acres in federal lands onshore and 60 million offshore every year for the next decade for oil and gas development. Once these quotas are met, the federal government can lease land for wind and solar renewable energy. The bill also calls for boosting tax incentives for carbon capture by 70 percent, which has been criticized by climate advocates as pricey and ineffective.
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Published on Aug 08,2022