Schumer claimed that the legislation would put the US on a path to 40% emissions reductions by the year 2030.
Billions. Hundreds of billions in grants, loans, federal procurements, and tax credits for research and development, deployment, and manufacturing in clean energy, transportation, and other sectors are included in the bill.
An environmental policy professor at the University of California, Berkeley, who has been advising Democrats on climate legislation, said in an interview that the new clean energy and climate rescue package was a long time in the making.
There are new tax credits for building wind, solar, and other clean energy projects in the bill. $60 billion in incentives are given for domestic manufacturing of everything from batteries to solar panels.
Subsidy increases in the bill could make it economical for some fossil-fuel and industrial plants to install equipment that prevents climate pollution, increasing the potential role of what is known as carbon capture and storage.
There is $2 billion for research at national laboratories in the bill.
Climate efforts will be supported by other sectors as well. There are over 20 billion dollars earmarked to help cut emissions from agriculture.
Ryan Fitzpatrick, director of the climate and energy program at Third Way, said it is an ambitious and politically pragmatic bill designed to boost US manufacturing, provide support where jobs are shifting, and build out the infrastructure needed to shift to cleaner, modern energy systems.