A surprise deal between US Senator Joe Manchin and Democratic Senate Majority Leader Chuck Schumer may unlock nearly USD370bn in investment on renewable energy, energy security and climate-focused initiatives, that had appeared threatened by political deadlock. The deal to add climate provisions to the proposed “Inflation Reduction Act of 2022,” which also includes deficit reduction, corporate tax and pharmaceutical price reduction measures, gives the bill the support of the 50 senate Democrats, clearing a major hurdle for the legislation. Climate and energy focused aspects of the proposed legislation include measures to lower the cost of renewable energy solutions for consumers, promote the development of domestic clean energy manufacturing capacity, support climate solutions to decarbonize industry, and invest in climate resilience and mitigation initiatives in disadvantaged communities.

Source: ESGToday