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Article

8 Aug 2022

Author:
Reuters

USA: Senate passes first major climate law in the US & includes concessions to fossil fuel industry

"Factbox: U.S. climate deal has money for EVs, clean energy and even Big Oil," 8 Aug 2022

After years of failed attempts to pass major legislation to combat climate change, the U.S. Senate's Inflation Reduction Act is poised to become largest U.S. climate legislation in history.

... The bill would divert nearly $370 billion to climate and energy security measures ... .

... Much of the spending would go to new or expanded tax credits to promote clean energy generation, electrification, energy efficiency and wider adoption of electric vehicles.

... A good chunk of the bill, however, is also devoted to supporting fossil fuel development by protecting federal drilling auctions and supporting upgrades of coal and gas facilities ... .