President Biden signs the Cut Inflation Act to limit climate change
President Joe Biden signed the Cut Inflation Act of 2022. This $750 billion legislation includes $369 billion in investments in climate and clean energy programs. After months of infighting, Democrats in the House and Senate passed the bill according to the parties last week after Senate Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia reached an agreement. compromise agreement on Biden's Build Better Back framework. According to an estimate by Princeton University's Zero Lab, the bill could reduce U.S. greenhouse gas emissions by about 6.3 billion tons through 2032. The $369 billion set aside by the bill represent the single largest investment to address climate change in US history.
“This bill is the biggest climate step forward ever, and it will enable us to take bold additional steps to achieve all of the climate goals we campaigned for,” Biden said before signing the bill. "It involves making sure we create clean energy opportunities in frontline and fenceline communities that have been suffocated by people's legacy and addressing the environmental injustice that has gone on for so long. "
With the law now in effect, US consumers can expect to receive up to $7,500 in subsidies for electric SUVs, trucks and vans that cost less than $80,000 and cars for less than $55,000 $. The law also provides for up to $4,000 to be provided for the purchase of a used electric vehicle. Both grants include an income cap that would prevent those earning more than the average American from taking advantage of them. The law also provides for the creation of a $1.5 billion program to incentivize companies to reduce their methane emissions.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission.
President Joe Biden signed the Cut Inflation Act of 2022. This $750 billion legislation includes $369 billion in investments in climate and clean energy programs. After months of infighting, Democrats in the House and Senate passed the bill according to the parties last week after Senate Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia reached an agreement. compromise agreement on Biden's Build Better Back framework. According to an estimate by Princeton University's Zero Lab, the bill could reduce U.S. greenhouse gas emissions by about 6.3 billion tons through 2032. The $369 billion set aside by the bill represent the single largest investment to address climate change in US history.
“This bill is the biggest climate step forward ever, and it will enable us to take bold additional steps to achieve all of the climate goals we campaigned for,” Biden said before signing the bill. "It involves making sure we create clean energy opportunities in frontline and fenceline communities that have been suffocated by people's legacy and addressing the environmental injustice that has gone on for so long. "
With the law now in effect, US consumers can expect to receive up to $7,500 in subsidies for electric SUVs, trucks and vans that cost less than $80,000 and cars for less than $55,000 $. The law also provides for up to $4,000 to be provided for the purchase of a used electric vehicle. Both grants include an income cap that would prevent those earning more than the average American from taking advantage of them. The law also provides for the creation of a $1.5 billion program to incentivize companies to reduce their methane emissions.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase something through one of these links, we may earn an affiliate commission.
What's Your Reaction?
