The “Limit, Save, Grow Act of 2023” takes aim at many areas of spending, including the Inflation Reduction Act signed into law by President Biden in 2022. This bill has been hailed as the largest ever investment into combating climate change.
Kevin McCarthy's debt limit bill seeks to repeal green tax credits affecting the energy sector.
The lack of a consistent, long-term framework for energy companies increases project risks and hampers the execution of major energy projects.Last week House Speaker Kevin McCarthy released a proposed debt limit bill that he says would “responsibly raise the debt limit into next year.” signed into law by President Biden in 2022. This bill has been hailed as the largest ever investment into combating climate change.
Why is this such a problem? Because large energy projects take longer than this to complete. They can take a decade or more. If policy priorities change every 2-4 years, it makes it extremely difficult for an energy company to execute a major project. Lack of a consistent, long-term framework for energy companies — fossil or renewable — increases project risks and makes it less likely that ambitious projects will be executed.
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