The Inflation Reduction Act of 2022 (the “IRA”) features $260 billion in clean-energy tax credits. While the IRA extends many existing clean-energy tax credits, like the energy production tax credit and investment tax credit for wind and solar, it also establishes new credits, including credits for advanced manufacturing and hydrogen production. Additionally, beginning in 2025
Late on July 27, Sen. Joe Manchin and Senate Majority Leader Charles Schumer announced an agreement on the Inflation Reduction Act (IRA): a reconciliation package that implements prescription drug pricing reform, invests in Affordable Care Act health care subsidies, imposes a corporate minimum tax and improves tax enforcement, and—most relevant for this post—provides $369 billion to support energy production and reduce greenhouse gas emissions.…
As the United Nations Climate Change Conference of the Parties (“COP”) in Glasgow has drawn to a close, with seemingly mixed messages and a somewhat ambiguous conclusion, it is worth reflecting on the overall trajectory of the climate issue, societal expectations, and the accomplishments that — with time — Glasgow is likely to represent. COP26 highlighted the fragility of the planet, as well as the fragility of the global consensus-based United Nations approach to protecting it. It highlighted the sweep of global climate-induced challenges and the scale of transformation needed to address them. With rising temperatures has come a rising global focus on climate and a far greater set of emerging societal expectations for meaningful responses by government and the private sector. Despite the risk that the global agreement forged in Glasgow is seen by climate activists as all talk and no action — what they referred to as “blah, blah, blah” — I believe that a number of features will endure as important accomplishments.
Continue Reading Report from Glasgow COP26: Assessing the United Nations Climate Conference
This is the twenty-fifth in our series on the “ABCs of the AJP.”
The American Jobs Plan aims to electrify 20% of the country’s iconic yellow school bus fleet through a new “Clean Buses for Kids” program, alongside a broader effort to replace 50,000 diesel transit vehicles. The move will have important health benefits and assist in the electrification of the heavy duty transportation and freight sectors, which face additional challenges as they seek to decarbonize.
Continue Reading Yellow School Buses and Diesel Electrification
This is the twenty-second in our series on “the ABCs of the AJP”
The single largest expenditure in President Biden’s original proposal for his American Jobs Plan is a $174 billion investment to promote electric vehicles (EVs). This considerable sum reflects the fact that increasing the number of EVs on the road in the United States would advance a number of key administration priorities, as described below.
Continue Reading Vying for America’s Future through Electric Vehicles
This is the tenth in our series on “The ABCs of the AJP.”
Jobs, unsurprisingly, are at the heart of the Biden Administration’s ambitious, multi-trillion dollar infrastructure plan. After all, the plan also goes by the name The American Jobs Plan (“AJP”). Each of the sweeping goals of the AJP—from addressing climate change, to developing a resilient electricity grid, to competing with China over clean energy supply chains—promises to create thousands of new jobs.
Continue Reading Jumpstarting A Cleaner, More Resilient Economy With Jobs