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Mahesh

11/08/22 06:25 AM IST

U.S. Bill on Climate action

In News 
  • On August 7, the U.S. Senate approved a Bill titled the Inflation Reduction Act (IRA) 2022, with a simple majority of 51 to 50. 
Provisions of the bill 
  • The Bill marks the largest American investment aimed toward making the U.S. a leader in clean energy.
  • It includes packages worth $369 billion for the clean energy transition.
  • The Bill provides significant investment in renewable energy through heavy tax credits for wind and solar energy projects and electric vehicles.
  • Tax deduction to low and middle-income households: It provides a tax deduction to low and middle-income households to go electric and seeks to lower the energy bills of American households.
  • It also aims to bolster the domestic production of heat pumps and critical minerals.
  • Tax on large and profitable companies to meet the green investment
  • It also imposes a fee on methane leaks from oil and gas drilling.
  • At the same time, the Bill also aims at more investments in fossil fuels.
  • It seeks to expand oil and gas drilling, with the federal government offering land for onshore and offshore drilling with the prerequisite that the entity will develop renewable energy. Thus, it handcuffs the expansion of oil and gas with renewable energy development.
Concerns 
  • Fossil fuel supporters criticize the bill as it does not take into account the communities that are dependent on the fossil fuel industry for their income.
  •  A protest by the workers of a coal plant in the state of West Virginia was recorded after their own Senator Joe Manchin agreed to back the bill.
  •  Climate advocates criticise the bill for coupling the development of renewable energy, which is the cause of global warming, with land leasing for oil and gas drilling.
Source- The Hindu 

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