A small but growing number of Democrats in Congress want to move ahead with the climate portion of President Biden’s stalled spending bill, saying the urgency of a warming planet demands action and they believe they can muster enough votes to muscle it past Republican opposition. The climate portion of Build Back Better includes about $555 billion aimed at moving the American economy away from its 150-year-old reliance on fossil fuels and toward clean energy sources. Instead of penalties to punish polluters, the bill offers incentives for industries, utilities and individuals to shift from burning oil, gas and coal for energy and transportation to using wind, solar and other forms of power that do not emit carbon dioxide. It would provide about $320 billion in tax credits for producers and buyers of wind, solar and nuclear power. Buyers of electric vehicles would receive up to $12,500 in tax credits. It would extend existing tax credits to lower costs for homeowners of installing solar panels, geothermal pumps and small wind turbines, covering up to 30 percent of the bills. The bill also includes $6 billion to make buildings more energy efficient and another roughly $6 billion for owners to replace gas-powered furnaces and appliances with electric versions. And it provides billions of dollars for research and development of new technologies to capture carbon dioxide from the air.
By Coral Davenport and Lisa Friedman. New York Times. January 20, 2022.
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