TL/DR –
The U.S. Senate has passed the Inflation Reduction Act, which includes major focus on clean and sustainable energy, making it the largest bill for these reforms in U.S. history. The Act allocates more than $360 billion towards modernization efforts such as investing $60 billion in manufacturing and implementing wind turbines and solar panels across the U.S., and includes tax credits for families installing solar panels or purchasing electric cars. Democrats argue that these measures will reduce greenhouse gas emissions by 40% by 2030 and create 550,000 new jobs in the green energy sector.
Senate Passes the Inflation Reduction Act Focused on Climate, Taxes and Healthcare
On August 7, The United States Senate passed the Inflation Reduction Act aiming to enhance environmental policy. This landmark act revolves around climate change, taxes, and healthcare.
What is The Inflation Reduction Act?
This act, which is the largest of its kind in US history, is set to allocate more than $360 billion towards modernizing efforts. This includes infusing $60 billion into manufacturing and implementing solar panels and wind turbines nationwide. Moreover, it will provide tax credits for families going green by installing solar panels or purchasing electric cars.
Environmental and Economic Impact
As per Democrats, these measures would significantly lessen greenhouse gas emissions by 40% by 2030. Furthermore, it is estimated that the legislation would generate 550,000 new jobs in the flourishing green energy sector.
Council on Renewable Energy Responds
The American Council on Renewable Energy has praised this act, stating that it will help to deploy thousands of megawatts of renewable power, reduce electric power cost, create numerous quality jobs, and drive the US closer to achieving climate goals.
Learn about this ground-breaking act more in-depth on GOBankingRates.com.
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