New Climate Deal Poised to be Most Ambitious in U.S. History
The deal would lower energy costs, fight inflation, and move the USA toward a 40% carbon emissions reduction by 2030.
Usually when political news comes out of the blue, it’s not good.
Yesterday was one of the exceptions. A surprise climate deal was reanimated from the dead, and it that looks like it may actually get through the U.S. Senate.
The bill includes $369 billion toward climate and clean energy policies, with goals of lowering energy costs, increasing clean energy production, and reducing carbon emissions by roughly 40% by 2030. American’s won’t feel the positive effects immediately, but it would make many energy efficient appliances and consumer purchases cheaper. Everything from solar panels to heat pumps to electric vehicles would be effectively cheaper to the average American. It would also address the 41% of current inflation that is being driven by the rising fossil fuel prices, a margin Big Oil is hoarding for their own profits.
On the face of it, the deal appears to be a complete reversal for Manchin, with some compromises from progressives on specific details and a lower total amount than the ideal Build Back Better package originally proposed. Still, it's exceptionally good news. If it clears, it would be the most ambitious climate package (even though its within a larger funding package) ever passed by the US.
Dr. Leah Stokes was one of the architects of the climate and energy elements in the original BBB package. She has a great thread summarizing the new deal.
One of the facepalming, absurd things about all of this is that it appears much of the deal cleared negotiations after the name changed from Build Back Better Act to Inflation Reduction Act. It's all about timing, I guess...
And the whole thing kind of came out of nowhere after junior staffers protested climate inaction in Schumer's office. It took everyone, even insider lobbyists, off guard. That spurred lots of analyst takes and one very well played West Wing meme:
