A subsidy arms race is kicking off between Europe and America
“Our Department of Energy estimates that the new law will reduce emissions in the United States by about 1 billion tons in 2030, while unleashing a new era of clean-energy-powered economic growth,” Biden told world leaders at the UN’s COP27 climate summit in November.
A credit of up to $7,500 is available for the purchase of a new electric vehicle — though this may require the rewiring of supply chains, given coming stipulations that eligible vehicles need be built in North America, with batteries and components also from North America. There’s $2 billion in grants included to expand domestic manufacturing capacity as demand grows.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Europe is Ukraine's 'home,' Zelensky tells EU lawmakers in emotional address | CNNUkrainian President Volodymyr Zelensky made a heartfelt appeal to lawmakers in Brussels on Thursday to allow his country to become part of the European Union, insisting that Europe is Ukraine's 'home.'
Read more »
Pete Davidson got people to eat breakfast at Taco Bell | CNN BusinessBreakfast at Taco Bell has been saved -- and the chain has Pete Davidson to thank.
Read more »
Nigeria delays plans to replace its banknotes after chaotic scenes at ATMs | CNN BusinessNigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash.
Read more »
British postal service unveils first stamps featuring King Charles III | CNN BusinessThe first stamps featuring King Charles III were unveiled on Wednesday by the Royal Mail, the British postal service.
Read more »
How Bed Bath & Beyond ended up on the verge of bankruptcy | CNN BusinessBed Bath & Beyond is fighting to stay in business. Here’s how America’s quintessential home furnishings chain veered to the edge of bankruptcy and where it turns next.
Read more »
Twitter restricted in Turkey, according to network monitoring firm | CNN BusinessAccess to Twitter has been restricted in Turkey, according to reports by an internet monitoring company as well as journalists and academics tracking the country's response to the devastating earthquake this week.
Read more »