Monday, December 6, 2021

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    What will the $ 555 billion Biden Climate Program do?

    A spending bill passed by the Democratic Party of Japan on Friday and sent to the Senate demands the largest investment in combat in history. Climate change: $ 555 billion with clean power, Electric car And resilience global warming..

    The White House said the bill facing an uncertain fate in the Senate would set the United States on a course to achieve ambitious climate goals, including a 50% to 52% reduction in greenhouse gases. Emissions Electricity sector that will be below 2005 levels by 2030 and 100% carbon-free by 2035.

    While banning oil drilling in most waters of the United States and the Arctic National Wildlife Sanctuary of Alaska, it will impose the first charge on the emission of methane, a powerful greenhouse gas from the oil and gas sector. increase.

    Mainstream environmental groups are rooting for the bill, but have not abolished tax cuts in the oil industry and provided billions of subsidies that would extend the life of coal-fired power plants through carbon capture projects. So it was blown up by an activist. Plans to force power companies to generate electricity using clean power and punish those who don’t come from West Virginia Senator Joe Manchin, a major Democratic swing vote in the evenly divided Senate. It was withdrawn in response to the opposition of.

    Colin Omara, President and CEO, said: Of the National Wildlife Federation.

    Republicans have criticized the bill as a “socialist,” saying it would lead to higher electricity prices and tax cuts for millionaires.

    The contents of the invoice are as follows.

    Tax credits to promote clean energy investment

    Approximately $ 300 billion, by far the largest component of climate change spending, will be used to increase renewable energy tax credits. Biofuel And energy efficiency. This credit has the potential to accelerate clean energy investments in power transmission, power storage and manufacturing at both utility and residential levels.

    Included are increased tax credits for utilities and other facilities that employ carbon recovery technology, and new tax credits for energy storage and transmission projects. hydrogen Power from existing reactors that may provide a lifeline for production, and struggling plants.

    Biofuel credits will be extended and new credits will be created for sustainable aviation fuels. Popular credits dating back to the Obama administration are wind turbines, solar panels, Fuel cell And other clean energy equipment.

    With a twist, five years later, energy tax credits will be narrowed down to just a handful of electricity and transportation carried out on a sliding scale based on emission reductions. This can pose a temporary risk to the recipient.

    Electric vehicle incentives to increase sales, union work

    Detroit automakers may offer an additional $ 4,500 tax credit to U.S. electric vehicle buyers and a $ 12,500 tax credit to vehicles manufactured using the labor union’s labor force in the United States. I can do it.

    Under this bill, a $ 7,500 sales tax credit will be refunded and an additional $ 4,500 will be added to vehicles assembled domestically by the union’s representative factories. An additional $ 500 bonus will be added to vehicles made in the United States. battery..

    A new benefit of the law will create a $ 4,000 tax credit for used EV purchases.

    Hundreds of millions of dollars will also be used to install EV charging systems, and $ 3.5 billion will be paid to the energy sector to subsidize the domestic production of electric and hydrogen-fueled vehicles. NS General service management You will get $ 3 billion to raise EVs for the government fleet.And the United States Postal Service will get nearly $ 6 billion for email purchases truck Workhorse Group Inc., an electric vehicle manufacturer based in Ohio.

    Another infrastructure bill signed by this week President Joe BidenWill spend $ 7.5 billion on EV chargers.

    Alaska’s ANWR bans oil drilling at new offshore site

    Democratic spending packages will prevent oil drilling in Alaska’s Arctic National Wildlife Sanctuary and new offshore drilling in most US waters.

    The law will ban the sale of new oil and gas lease In the Pacific and Atlantic Oceans, and in the eastern Gulf of Mexico. It will also invalidate nine leases issued in northeastern Alaska earlier this year, while removing the four-year-old requirement for the government to sell drilling rights in the coastal plains of the Arctic Reserve.

    Leases will continue in the central and western parts of the bay.

    The oil and gas industry has criticized the law passed by the House of Representatives. The oil and gas supply is “only a disciplinary measure,” said Eric Millito, chairman of the National Marine Industry Association.

    “These include any new charges that add millions of dollars to annual operating costs and price US production,” he said.

    Methane emission charges imposed on oil and gas companies

    This package forces oil and gas companies to pay for the excess methane leaking from wells, storage areas and pipelines for the first time. Pound for Pound has more than 80 times the heat trapping power of carbon dioxide and costs as much as $ 1,500 per ton for methane emissions, which is blamed on a quarter of the world’s oil and gas infrastructure. It is imposed on the structure. Global warming.

    However, the provisions can be watered or struck in the Senate.

    The law also imposes new charges on the oil and gas industry. This includes a $ 4 annual “resource conservation fee” per acre and a $ 6 annual “speculative lease fee” per acre for all new production onshore and offshore oil and gas leases. included. All new non-production onshore and offshore oil and gas leasing.

    It also incurs an annual fee of $ 10,000 per mile in the offshore pipeline, increasing the loyalty rate for all new oil and gas leases.

    Funding to create a private climate corps

    The law will create billions of Americans to create a civilian climate corps that can work to prevent wildfires, restore wetlands, block abandoned oil wells, and improve the energy efficiency of homes. Will offer dollars.

    Modeled after the New Deal civilian conservation corps, this program has high-level champions who consider it both economic development and environmental planning.

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    What will the $ 555 billion Biden Climate Program do?

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    The post What will the $ 555 billion Biden Climate Program do? appeared first on Eminetra.

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