Climate bill could slash US emissions by 40% after historic...

Climate bill could slash US emissions by 40% after historic Senate vote | Climate crisis | The Guardian



"The Inflation Reduction Act, which had appeared to be dead just weeks ago and now heads to the House of Representatives, would accelerate U.S. emission cuts and put the country on a path to reduce greenhouse gases by 40 percent below 2005 levels by 2030, significantly narrowing the gap with the goal Biden set under the Paris climate agreement to cut that pollution by at least half by that date.

The bill that includes$369 billionin climate and energy provisions that will transform how Americans get their energy and shape the country’s climate and industrial policy for decades. And it represents an extraordinary turnaround from just months ago when the Biden administration pivoted from its climate priorities to press for increased oil and gas production to combat the energy crisis that sent energy prices skyrocketing.

The bill would also catapult the United States, the world’s second-biggest carbon emitter after China, to the forefront of countries taking concrete action on combating climate change after months of appearing as if it would lose its status as a global leader in the fight.

In all, the bill would help more than triple the clean power production in the country, adding up to an additional550 gigawatts of electricity from wind, solar and other clean power sources, according to analysis from the American Clean Power Association. That’s enough to power 110 million homes, the industry trade group said.

“This is going to be more massive than people realize,”Rep. Ro Khanna (D-Calif.) said in an interview.“If the government invests $300 billion in solar, wind, batteries and heat pumps, that has the potential to unlock trillions of dollars in private sector investment in climate.”

It also puts $6 billion towards reducing emissions from hard-to-decarbonise industries like cement, chemical and steel plants.