The sweeping climate, energy and health care bill expected to go to a vote in the U.S. House on Friday contains about US$370 billion to foster clean energy development and combat climate change, constituting the largest federal climate investment in history.
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Billions in tax credits to make electric vehicles cheaper. Hefty fees for high-polluting gas and oil companies. Funding to speed the production of solar panels and wind turbines. Cash to create the country’s first “green bank.”
Biden signs Inflation Reduction Act: Its climate promise relies heavily on carbon capture, meaning thousands of miles of pipeline
President Joe Biden signed a sweeping climate, energy and health care bill on Aug. 16, 2022, that contains about US$370 billion to foster clean energy development and combat climate change, constituting the largest federal climate investment in history.
Thanks to Senator Joe Manchin (D., W. Va.), there isn’t much in the way of consequences for big CO2 emitters in Democrats’ new climate bill. But there are huge new rewards for high-emitting companies to pump their greenhouse gasses underground, and for facilities that propose to remove emissions directly from the atmosphere. Those provisions have the startups, investors, and legacy oil companies proposing to provide that service over the moon. “We’re definitely going from a curiosity to a priority,” says Steve Lowenthal, chief commercial officer of Frontier Carbon Solutions, a carbon capture startup. “This changes the game.”
NPR’s Juana Summers speaks with Jamil Farbes, principal at Evolved Energy Research, about the technology and future of carbon capture and what the Inflation Reduction Act could do for the industry.