Massive incentives for clean energy in US law signed by President Joe Biden should reduce future global heating 'not a lot, but not insignificantly either,' say climate scientists
President Joe Biden has signed into law a $700 billion bill that is seen as the biggest climate package in US history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices.
"In this historic moment, Democrats sided with the American people and every single Republican sided with the special interests," said Biden. Democrats say it will help combat inflation by reducing the federal deficit. The law will also allow Medicare to negotiate lower drug prices for the elderly and ensure that corporations and the wealthy pay the taxes they owe. "Democrats robbed Americans last year by spending our economy into record inflation.
Even with nearly $375 billion in tax credits and other financial enticements for renewable energy in the law, the United States still isn’t doing its share to help the world stay within another few tenths of a degree of warming, a new analysis by Climate Action Tracker said. "This is the biggest thing to happen to the US on climate policy," said Bill Hare, the Australia-based director of Climate Analytics which puts out the tracker. "When you think back over the last decades, you know, not wanting to be impolite, there's a lot of talk, but not much action."
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