The inflation reduction act was signed by the president. Climate and clean energy programs receive $369 billion in investments. After months of infighting, House and Senate Democrats passed the bill last week after Senate Majority Leader Chuck Schumer and Senator Joe Manchin of West Virginia struck a compromise deal. The bill could reduce US greenhouse emissions by more than 6 billion tons over the course of 2032. The amount of money set aside by the bill is the most significant investment to combat climate change in US history.
Biden said before signing the bill that it was the biggest step forward on climate ever. Ensuring that we create clean energy opportunities in frontline and fenceline communities that have been smothered by the legacy of population and fight environmental injustice is one part of it.
US consumers can look forward to up to $7,500 in subsidies for electric SUVs, trucks and vans that cost less than $80,000 and cars under $55,000, thanks to the new law. Up to $4,000 is provided for buying a used EV. Those who make more than the average American can't take advantage of the subsidies. The law requires the creation of a billion dollar program to encourage companies to reduce methane emissions.
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