White House Boosts Clean Energy Subsidies by 5x for Green Jobs
TL/DR –
The Biden administration has enacted new rules to aid clean energy companies, which the White House argues will help communities tied to the energy sector. The rules establish guidelines for subsidies that qualifying companies can receive under the Inflation Reduction Act as long as they pay prevailing wages, among other conditions. Projects involving nuclear, solar, wind, and other green energy sources can see their tax credit eligibility under the Act increase fivefold.
Biden Administration Enacts New Rules to Boost Clean Energy Companies
The Biden administration has recently enacted new rules aimed at supporting clean energy companies, arguing that these investments will aid communities traditionally tied to the energy sector.
The rules outline guidelines for subsidies under the Inflation Reduction Act. Companies can qualify for these subsidies if they pay prevailing wages and meet other conditions.
Eligible projects in the nuclear, solar, wind and other green energy sectors can have their tax credit eligibility increased fivefold under the Inflation Reduction Act.
“America has spurred a clean energy manufacturing boom, attracting significant private sector investment and creating over 270,000 new, well-paying union clean energy jobs,” read a White House statement.
The final rules seek to provide certainty for clean energy developers and workers, aiding in the realization of President Biden’s clean energy economy investments.
John Podesta, a Democratic figure advising Biden on climate policy, stated the finalized rules assure workers that clean energy jobs will be lucrative, despite historically trailing fossil fuel industry.
Acting Labor Secretary Julie Su praised the new rules, predicting they will benefit workers and communities nationwide.
In response, the American Petroleum Institute noted the oil and gas industry’s role as a major investor in the U.S. economy, and its support for a future with less carbon output.
However, a fossil fuel trade group leader expressed that the administration should not favor certain energy jobs. “The president should stop his regulatory assault on the future of America’s oil, gas and petrochemical industry workers,” said Chet Thompson, president of the American Fuel & Petrochemical Manufacturers.
Despite reaching out, no responses were received from top Democratic lawmakers involved in energy policy.
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