Climate change emission reductions are the biggest part of the Senate-passed Inflation Reduction Act, now headed for expected House action Friday, and the debate over cost and impact is heating up.
The bill would spend nearly 370 billion dollars on tax breaks to spur renewables like biofuels, electric vehicle purchases, and home energy efficiencies, plus billions more on climate-smart Ag, like EQIP and RCPP. Senate Majority Leader Chuck Schumer says it’s the largest investment ever in climate.
Schumer; “By our analysis, this bill will cut greenhouse gas emissions by approximately 40 percent by 2030. That’s a lot.”
Senate GOP Leader Mitch McConnell argues it’s a waste of money, won’t work, and is not politically popular. “The Democrats’ focus is ‘Green New Deal nonsense,’ that only three percent of the country wants to be prioritized. Big subsidies to help rich people buy luxury cars and new stoves. Taxpayer funding for environmental protesters. A huge catalog of nonsense that would not put a dent in global emissions, while countries like China continue to emit more and more.”
China announced it was breaking off cooperation with the U.S. on climate change after House Speaker Pelosi visited Taiwan. But Democrats say the U.S. must lead on climate and aim for the skies to help reduce climate disasters and improve health.
Schumer; “Our clean energy proposals will reduce air pollution, prevent thousands of needless deaths each year and reduce asthma attacks by 100,000 per year. We’ve all seen kids, often in poor neighborhoods, struggling with asthma.”
The House is expected to take up the Inflation Reduction Act Friday and with key moderates on board, Democrats seem likely to pass it.
