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On Friday, the U.S. House of Representatives approved new legislation with a heavy focus on cutting carbon emissions and pushing the country toward green energy.
It would not be an exaggeration to say that it is “the boldest climate package in US history”, being a budget measure that includes the largest investments in clean energy and climate change ever passed.
The unprecedented US$430-billion bill represents the country’s largest single investment to combat climate change, earmarking US$369-billion for climate and energy programs. This accounts for half of the Inflation Reduction Act.
This is the greatest opportunity for the US to stop the current price growth related to the cost of energy. It is also a chance to gain a leadership role in the global fight against climate change and get back on track with its Paris Agreement goal of reducing greenhouse gas emissions by 40% from 2005 levels.
From the companies’ perspective, the Inflation Reduction Act gives U.S. solar manufacturers a step to compete in the global marketplace. This will allow solar and storage companies to gain the business certainty and authority, -that the investors seek when they evaluate a company’s eligibility for long-term investments. As stated by the Solar Energy Industries Association (SEIA), “this legislation is the most transformational investment America has ever made”, being a catalyst for reaching solar industry’s target to account for 30% of all U.S. electricity generation by 2030.
Except for solar industry, significant investments are expected in emerging and expanding climate solutions, such as green hydrogen, low-emissions sustainable aviation fuels, direct air capture and carbon storage. To strengthen US energy independence, manufacturing jobs in the clean energy industry will also increase. According to Energy Innovation, the investments in the Inflation Reduction Act could create up to 1.5 million new U.S. jobs in 2030.
Last, but not least, it takes aim at the largest source of climate pollution in the U.S.: transportation. The legislation will be an important step forward in securing substantial funding for zero-emission trucks and buses, having the potential to jumpstart the adoption of electric light-duty vehicles. Trucks and buses may account for just 5% of vehicles, however, they are responsible for more than a quarter of all climate pollution from the transportation sector.
Where to start…
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