Business groups to support Biden’s climate law despite past resistance
TL/DR –
The U.S. Chamber of Commerce and the American Petroleum Institute, both influential business lobby groups, are ready to support some parts of President Biden’s climate law, specifically the Inflation Reduction Act, if Republicans regain the presidency. They now back the provisions of the act that offer tax breaks for clean energy technologies, including those for hydrogen fuel production and carbon capture. This shift in allegiance underlines the increasing complexity of U.S. energy policy and may shape future legislative battles and the country’s transition to cleaner forms of energy.
US Business Lobby Groups Support Parts of Biden’s Climate Law
Top business lobbying groups in Washington, including the U.S. Chamber of Commerce and the American Petroleum Institute, are set to support aspects of President Biden’s climate law – the Inflation Reduction Act, if Republicans reclaim the presidency. The stance, reported by Kelsey Brugger for POLITICO, signals a significant shift from their previous opposition.
Key Takeaways:
- Despite initial opposition, these groups now back the Act’s tax breaks for green energy technologies.
- Business interests such as oil companies are especially keen on provisions for hydrogen fuel production and carbon capture.
- Their position might clash with a potential Trump administration’s plans to reverse Biden’s climate initiatives.
Christopher Guith, senior vice president at the Chamber’s Global Energy Institute, states, “Business is going to defend the Inflation Reduction Act.”
The shifting alliances underscore the intricate dynamics in U.S. energy policy. Economic interests could prompt unanticipated backing for climate initiatives, influencing future legislation and guiding the country’s transition to cleaner energy.
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