Congress is poised to pass a transformative climate change fighting bill.
The crux of the long-delayed bill, singularly pushed by Democrats in a closely divided Congress, is to use incentives to spur investors to accelerate the expansion of clean energy such as wind and solar power, speeding the transition away from the oil, coal and gas that largely cause climate change.
Because of the specific legislative process in which this compromise was formed, which limits it to budget-related actions, the bill does not regulate greenhouse gas emissions, but deals mainly in spending, most of it through tax credits as well as rebates to industry, consumers and utilities. The bill promotes vital technologies such as battery storage. Clean energy manufacturing gets a big boost. It will be cheaper for consumers to make climate-friendly purchasing decisions. There are tax credits to make electric cars more affordable, help for low-income people making energy-efficiency upgrades and incentives for rooftop solar and heat pumps.There are also incentives for nuclear power and projects that aim to capture and remove carbon from the atmosphere.
The Superfund program, used to pay for cleanup of the nation’s most heavily-polluted industrial sites, will receive more revenue from a bigger tax on oil.
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